Retirement
Plans
Teacher's Retirement System (TRS)
- TRS is a defined benefit retirement plan. Retirement benefits are based on legislatively determined formulas based on age, years of service and average of years of highest salary
Optional Retirement Program (ORP)
- ORP is a defined contribution plan. Benefits are based on the performance of the investments selected and are controlled by the employee.
- Five Vendors to choose from: Fidelity Investments, VOYA Financial, TIAA, Lincoln Financial Group, and Corebridge Financial (formerly AIG Retirement Services)
Retirement Programs Summary Document - 2024
Who pays the cost?
Employee with State Matching
Teacher's Retirement System (TRS)
- Employee - 8.25%
- State - 8.25%
Optional Retirement Program (ORP)
- Employee - 6.65%
- State - 8.5%
Eligibility
All regular employees who are appointed to work 20 hours or more per week and for at least 4 ½ months.
Immediately
Teacher's Retirement System (TRS)
Optional Retirement Program (ORP)
- All faculty, Librarians and some upper management positions appointed 100%
Participation Information
Note - Participation in a Retirement Plan is mandatory.
Teacher's Retirement System (TRS)
- Vesting Period is 5 years of service
Optional Retirement Program (ORP)
- You are vested after one year and one day of participation with a right to both employee and employer contributions.