Texas Woman's University Staff Handbook
Employee Benefits: Optional Retirement Program
An Optional Retirement Program (ORP) is available for certain full-time professional and administrative employees. Eligible employees are given 90 days from the date they become eligible for the retirement participation to make a one-time choice to relinquish membership in the TRS and to become a participant in the ORP. The decision to participate in TRS or ORP is extremely important because this is a one time irrevocable election.
The ORP is a personal retirement plan purchased by the member to which the state makes contributions. Benefits are based on the accumulated contributions and interest in the member's account. Vesting occurs after one year and one day of participation.
The Texas Higher Education Coordinating Board has "An Overview of TRS and ORP" that will help you decide between TRS and ORP.
Also, we have a TRS/ORP Comparison Summarywhich summarizes the Coordinating Board's Overview booklet.
Eligible employees who are interested in the ORP should select their ORP carrier from the TWU Approved Carrier List. Once you have selected your preferred company, contact the representative with that company for completion and submission of all appropriate forms.
page last updated 7/21/2014 1:36 PM