Also refer to Amarillo College Board Policy Manual
DEB - Compensation and Benefits
Enrollment in the Teacher Retirement System of Texas or in an optional retirement program is mandatory. Only full-time faculty are eligible for enrollment in an optional retirement program; those employed as part-time faculty must enroll in the Teacher Retirement System of Texas. Part-time faculty who become full-time, will then become eligible to join the optional retirement program.
A percentage (determined by the Texas Legislature each biennium) of the total monthly salary is deducted each month as a deposit to an employee's retirement account and the State of Texas also contributes a designated percentage of salary to an employee's retirement account. A list of the companies and their representatives who offer optional retirement programs for Amarillo College, and brochures explaining the benefits of the Teacher Retirement System of Texas may be obtained from the Personnel Office.
New eligible employees have 90 days after their date of employment to change from the Teacher Retirement System of Texas to an optional retirement program. After the 90-day period, employees must remain within the Teacher Retirement System of Texas as long as they are employees. If employees join an optional retirement program, they will be unable to change to the state retirement program unless they cease to be employed by an institution of higher education and become employed by the Texas public school system.
Amarillo College replaced Social Security with an alternate voluntary self-managed benefit plan as of January 1, 1983. The self-managed plan consists of contributions from employees through payroll deduction with matching contributions from Amarillo College to provide a supplemental retirement plan for appointed employees. Disability and survivor benefits supplement any Social Security benefits reduced due to Amarillo College not participating in Social Security since December 31, 1982. A vested interest in the retirement plan occurs the first day of participation. Employees who resign before retirement will be entitled to their contribution, Amarillo College's matching contribution, and any earnings. The Personnel Office has details on the benefit plan.
Approved: August 20, 1991