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Procedure 4-7-b: Retirement

San Jacinto College has not participated with Social Security since 1975. Full-time employees are enrolled in Teachers Retirement System of Texas for retirement purposes. Full-time faculty and other designated employees are eligible to choose between Teacher Retirement System (TRS) and the Optional Retirement Program (ORP) for their retirement plan.  The choice of retirement plan is irrevocable.

TRS is a defined benefit plan in which the monthly retirement annuity is based on years of service, best five years average salary and age. A monthly deduction of 7.7% is made from the employee's salary, while the state contributes 6.8%. Members are vested in TRS retirement after five years of active membership; however, annuity amounts increase with years of service and salary. TRS offers several monthly payment options upon retirement.

ORP is a defined contribution retirement plan available to faculty, administrators and certain professional non-faculty in lieu of TRS. A carrier is selected from one of the Board authorized companies to receive a set contribution of 6.65% from the employee and a contribution from the state. Faculty is vested for all money (principle and interest) in their ORP account after working for more than twelve consecutive months, although the account is not accessible until retirement or termination.

For more information on the TRS/ORP program, employees should read An Overview of TRS and ORP for Employees Eligible to Elect ORP, a Texas Higher Education Coordinating Board Publication, available through the Human Resources Office.

 

Procedure #:

 4-7-b

Procedure Name:

 Retirement

Pages:

 1

Adopted Date:

 

Revision/Reviewed Date:

March 26, 2018 

Effective Date:

 

Associated Policy: