Retirement Plans available at Amarillo College.
Teacher Retirement System of Texas (TRS)
TEACHER RETIREMENT SYSTEM OF TEXAS (TRS) (Mandatory Participation for Classified employees)
TRS provides guaranteed retirement benefits in the form of annuities backed by the State of Texas. Employee contribution is 7.7% of salary, which is tax sheltered. State contribution is 7.5% of salary. Five year vesting period to receive TRS funded annuity at retirement age. There are five Survivor Benefit options one of which is a lump sum payment of 2X's annual salary up to $80,000.
For more information about TRS go to: www.trs.state.tx.us
OPTIONAL RETIREMENT PROGRAM (ORP)
An investment plan under which employee selects a carrier from an approved list, selects investment options, and builds a retirement account composed of individual and employer contributions plus their earnings. Employee contribution is 6.65%, which is tax-sheltered, and State contribution is 6.6%. The vesting period is one year and one day.
Administrative and Faculty employees must participate in either the Teacher Retirement System or the Optional Retirement Program.
Amarillo College
Authorized companies for Optional Retirement Program
And Tax Sheltered Annuities
The following companies are authorized to participate in the Optional Retirement Program at Amarillo College.
ORP or TSA Carriers |
Representative Names |
Office Telephone Number |
|
|---|---|---|---|
|
VALIC |
Stephen Johns |
(432) 234-6745 (M) |
stephen.johns@valic.com |
|
Fidelity Investments |
Carmella Nodine |
(806) 242-0682 | cnodine@navigationfinancial.com |
|
FTJ FundChoice |
Scott Dickerson |
(806) 331-2600 ext. 104 |
|
|
GWN Marketing |
Mike Miller |
(806) 359-6526 |
mmiller@gwnsecurities.com |
|
VOYA Retirement Insurance & Annuity Company (Formerly ING) |
Hank Holt or Andy Holt |
(806) 655-0251 |
|
|
ISC Group, Inc. |
Chris Tacey |
(800) 888-3520 (W) |
|
|
Life Insurance Company of the Southwest |
Glenn Lester |
(806) 231-8141 |
|
|
Security Benefit |
Shane Hall |
(806) 367-9568 |
|
|
Waddell & Reed |
Charles A. Marselli |
(817) 992-5179 (M) |
|
|
Amarillo College Benefit Plan Offering TSA's Only. Not an ORP carrier. |
Megan Brown |
(806) 371-5042 |
Amarillo College Authorized Companies for Roth 403(b)
The following companies are authorized to participate in the Roth 403(b) Program at Amarillo College.
Roth 403(b) Carriers |
Representative Names |
Office Telephone Number |
|
|---|---|---|---|
|
ISC Group, Inc. |
Chris Tacey |
(800) 888-3520 |
|
|
Security Benefit |
Michael Shane Hall
|
(806) 367-9568 |
|
| Fidelity Investments | Carmella Nodine | (806) 242-0682 | |
|
Amarillo College Benefit Plan |
Megan Brown |
(806) 371-5042 |
m0173025@actx.edu |
COMPARISON OF TRS/ORP FOR
ADMINISTRATORS & FACULTY
This is one of the most important decisions that you will make regarding your retirement. It is a very personal decision and can only be made once. You need to study the material provided very carefully and you may even want to review it with your financial advisor.
Type of Plan |
Teacher Retirement System (TRS) | Optional Retirement Program (ORP) |
|---|---|---|
|
Type of Plan |
Defined Benefit Plan (401a) | Defined Contribution Plan 403(b) |
|
Retirement Benefit |
Guaranteed annuity at retirement backed by the State of Texas. |
Built from contributions plus earnings |
| As managed by you and your selected carrier. |
||
|
Contributions |
Employee (tax-sheltered) 6.4% |
New ORP Participants: Employer (state) 6.4% 1st year, the employer funds are invested in a money market type fund. ORP Transfers Note: AC will contribute the 7.31% if the new employee transfers from another public institution where he/she was receiving a higher rate. AC does not pay 8.5%. |
| Employer (state) 6.644% | ||
|
Earnings |
5% per year | Varies depending on investments. |
|
Vesting |
5 years | 366 days |
|
Other Benefits |
Survivor Benefits Disability Retirement | Very portable due to the vesting period and type of plan. No survivor or disability benefits. |
| www.trs.state.tx.us |
If an employee completes 10 years of service in the ERS insurance program then the employee will have the State Health Insurance paid for them as a retiree when they turn 65 years old or when they reach the Rule of 80 (service years and age must add to 80) under current law.
AMARILLO COLLEGE BENEFIT PROGRAM (Optional Participation)
In addition to mandatory participation in TRS or ORP, you will have an opportunity to decide if you want to participate in this voluntary retirement program. Since Amarillo College does not participate in Social Security, the Amarillo College Benefit Plan serves as an optional benefit for eligible employees to increase retirement contributions. Employee contribution is 6.65% of salary, which is tax-sheltered. AC contribution is 6.65% of salary (5.9% to retirement and .75% to long-term disability). There is no vesting period; once enrolled, employees have access to 100% of employee and employer contributions upon termination of employment. Disability and survivorship benefits are included. If you do not initially opt in to the ACBP plan, you can change your decision at any time to Yes, but once you opt in you can never opt out of ACBP in the future.
Amarillo College does not participate in Social Security. AC opted out of Social Security in 1983. If you would like more information on how this will affect your retirement please visit the social security link listed below.
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