Except for professional personnel participation in the optional retirement program, all personnel employed on a full-time, regular basis shall be members of the Teacher Retirement System of Texas.
Eligibility for participation in the optional retirement program (ORP) shall be subject to such rules as may be prescribed by the coordinating board.
Full-time faculty whose duties include teaching or research, fulltime administrators responsible for teaching and research faculty, and other professional employees such as librarians, a president, or other professional staff whose national mobility requirements are similar to those of faculty members and who fill a position that is the subject of nationwide searches in the academic community shall be eligible for participation in ORP. Classified employees shall not be eligible for participation in the ORP.
An eligible employee may exercise the option to participate in the optional retirement program only once. Election to participate in the optional retirement program must be made before the 91st day after becoming eligible and is irrevocable. An eligible employee who fails to elect the ORP during the 90-day period shall remain in the Teacher Retirement System for the remainder of employment in Texas higher public education.
To ensure that all employees who become eligible to select the ORP in lieu of the TRS are provided uniform and unbiased information on which to base their decision, on or before commencement of the 90-day period allotted for such a decision, at a minimum the College District shall provide such employees with introductory information on ORP provided by the Texas Higher Education Coordinating Board.
On or before commencement of the 90-day period allotted for newly eligible employees to select the ORP in lieu of the TRS, the College District shall provide written notification to such employees that selection of ORP in lieu of TRS entails certain responsibilities for the employee, including selection and monitoring of vendors and investments. The College District shall also provide written notification that the institution has no fiduciary responsibility for the market value of participants’ investments or for the financial stability of the vendors chosen by the participants.
The College District maintains a retirement plan for part-time employees as required by law.
The plan is an ERISA exempt 403(b) defined contribution plan administered by TIAA-CREF.
The plan requires a contribution of 7.50% of gross wages on a tax-reduction basis. Neither the College District nor the State of Texas make any contribution to the plan.
All part-time employees, except TRS or ORP retirees and part time employees already participating in TRS, shall be required to participate in the plan.
TAX SHELTERED ANNUITIES
All employees are eligible to participate in the Tax Sheltered Annuity Program.
Contributions are subject to limits as established by the Internal Revenue Service.
The business office may require completion of the maximum exclusion allowance calculation to substantiate contribution amounts.
An employee can change contributions or company anytime during the year.
Only carriers approved by the Board may write ORP policies for College District employees. Approved carriers may also write TSA policies.
The College District does not endorse or recommend any carriers nor does the College District advise employees whether to choose TRS or ORP.
New employees who transfer from other colleges with ORP and/or TSA policies may retain the same carriers as long as such carriers are authorized to write such policies in Texas and are authorized to conduct business with the College.
TEACHERS RETIREMENT SYSTEM
All eligible personnel, except faculty members in the optional retirement program, employed on a full-time, regular basis shall be members of the Teacher Retirement System of Texas.
All changes to payroll must be submitted to payroll in writing and filed in the business office five working days before the scheduled payroll date.
The College District may make available to carrier representatives directory information on employees unless employees advise the College District, in writing, that such information is not to be released.
The College District reserves the right to bar any carrier or its representative from campus for good cause.