Retirement

Texas Woman's University Staff Handbook
Employee Benefits: Retirement Eligibility

Each regular employee of the University is required to participate in the Teacher Retirement System. On the first date of employment, Full-time faculty, certain administrators, and professional librarians are eligible for participation in the Optional Retirement Program. Employees whose position requires student status as a condition of employment are excluded from eligibility for retirement programs.

Teacher Retirement System
The Teacher Retirement System(TRS) is a state non-profit organization established in 1937 to provide benefits for employees of state colleges and universities and public schools in Texas. For each employee participating in the Teacher Retirement System, the state contributes a fixed percentage of salary, and the employee contributes a fixed percentage of salary through payroll deduction. Benefits in the Teacher Retirement System include:
Vested Rights: A member of TRS has a vested right for retirement benefits upon completion of at least five years of service.

Retirement Annuities: Members are eligible to retire with full benefits at either:

• age sixty-five with at least five years service
• age sixty with at least twenty years service if you became a member on or after September 1, 2007, or
• any age when age plus years of service equal 80 ("Rule of 80") if you became a member prior to September 1, 2007.

Early age retirement with a reduced annuity is also available beginning at age 55.

Retirement benefits are based on a member's total years of creditable service and the average of the 5 highest annual salaries.

Disability Benefits:Members who become permanently disabled are eligible to apply for disability retirement benefits.

Death Benefits:Members are covered by death benefits beginning the first day of employment. The designated beneficiary is entitled to receive a lump sum payment equal to twice the member's annual salary not to exceed $80,000.

Return of Deposits:Members who terminate employment are entitled to receive a return of employee deposits plus five percent interest less tax and penalty (if drawn before age 59 1/2).

Special Service:Members have the opportunity of increasing benefits by purchasing credit for eligible special service. Special service may include withdrawn service, military service, developmental leave, and out-of-state service. Beginning September 1, 2001, a TRS member may purchase one year of membership service credit for 50 days of accumulated state sick leave as of the last day of employment before retirement.  Interested employees should visit the TRS website for additional information.