DIB. Optional Retirement Program (BP)
POLICYSouth Plains College participates in the Teachers Retirement System of Texas. South Plains College has also elected to participate in Social Security. Eligible employees are also given the opportunity of selecting an Optional Retirement Plan (ORP). The employee selecting ORP would choose a carrier from the list approved by South Plains College.
ADMINISTATIVE PROCEDURES
ELIGIBILITY
An employee shall be eligible to make a once-per-lifetime irrevocable election of ORP in lieu of Teachers Retirement System if employed in an ORP eligible position.
CONTRIBUTIONS
ORP participants contribute, by way of payroll deduction, a percentage of their pay while the State of Texas contributes a percentage at each pay period to a retirement annuity provided by private insurance or financial organizations.
Ratio of contributions is set by the Texas Legislation and is subject to change.
PROGRAM SELECTION
Eligible employees have 90 days to make their decision on their retirement plan. Until that decision is made, contributions will be made to Teachers Retirement System of Texas.
ORP participants may make changes between annuity providers as often as once per calendar year. This must be initiated by the employee and coordinated with the provider.
Revised 5/10/11
