The Coordinating Board has updated its information on the two retirement plans available to community and technical college educators, the Teacher Retirement System and the Optional Retirement Program. New employees should pay particular attention. Here is the link.
Please read the overview (provided by your institution and also at the site above) as soon as possible. For new hires, it contains information you need to know before your 90-day ORP election period expires. Your institution will provide you with a list of authorized ORP companies, local policies and procedures for electing ORP, and your employer contribution rate.
The site contains only general information about ORP and TRS. Please contact your institution's human resources office for specific information about the ORP plan at your school.
The ORP is a defined contribution plan that is available as an alternative to TRS for full-time faculty, librarians, and certain administrators and professionals employed by Texas public institutions of higher education. ORP-eligible employees have 90 days from their first day of employment in an ORP-eligible position to make a one-time irrevocable election of ORP in lieu of TRS.