ORP

The Texas Optional Retirement Program (ORP) is a 403(b) defined contribution retirement plan funded by mandatory employee deferrals, a State contribution and an optional local college or university contribution. Full-time faculty, librarians, and certain administrators and professionals of a Texas public institution of higher education may make a one-time irrevocable election at employment to participate in the ORP instead of the Teacher Retirement System of Texas (TRS) defined benefit pension plan. Each participant selects from a variety of investments offered by several companies (authorized by the employing institution) through annuity contracts or mutual fund investments. Because participants manage their own personal investment accounts, ORP entails more individual risk and responsibility than that associated with TRS membership.
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What is the ORP Plan?

The Texas Optional Retirement Program (ORP) is a 403(b) defined contribution retirement plan funded by mandatory employee deferrals, a State contribution and an optional local college or university contribution. Full-time faculty, librarians, and certain administrators and professionals of a Texas public institution of higher education may make a one-time irrevocable election at employment to participate in the ORP instead of the Teacher Retirement System of Texas (TRS) defined benefit pension plan. Each participant selects from a variety of investments offered by several companies (authorized by the employing institution) through annuity contracts or mutual fund investments. Because participants manage their own personal investment accounts, ORP entails more individual risk and responsibility than that associated with TRS membership.

Where can I learn more about the ORP plan?

 

You can learn more by reviewing ORP Information from the Texas Higher Education Coordinating Board.  Visit their site at:  

http://www.thecb.state.tx.us/index.cfm?objectid=08C6BE55-CC42-7676-C2D178FDFEC20EF6