Retirement Plan, Full-time Employees
All full-time/regular employees may choose to participate in the Teacher Retirement System (TRS). This plan is sponsored by the state contribution of eight percent (8%) and the employee contribution of eight percent (8%). The college contributes 1.31% to another retirement plan of the employee’s choice.
All faculty members (and certain professional employees) shall be eligible and have the opportunity to participate in the optional retirement program (ORP). This plan is supported by 6.6%, paid by the state, 6.65% by the employee, and 1.31% paid by the college. “Faculty members” means a person who is employed by the college on a full-time basis in any of the following positions:
- A member of the faculty whose duties include teaching or research.
- An administrator responsible for teaching and research faculty.
- A professional librarian, a College President, a vice-College President, or other professional staff person whose national mobility requirements are similar to those of faculty members and who fills a position that is the subject of nationwide searches in the academic community.
Gov’t. Cod 821.001, 830.101; 19 TAC 25.2
A faculty member 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 ninety-first day after becoming eligible. A faculty member 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. Atty. Gen. Op. H-1184 (1978); 19 TAC 25.3(d) (e). See Policy Manual, DF (LEGAL)
VC also offers Tax Deferred Annuities (TDA’s) for all employees through payroll deduction.