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| All non-student employees appointed for 4 1/2 months
and working a least half-time are required to participate in the
Teacher Retirement System (TRS) as a condition of employment. Full-time
faculty members, librarians, coaches, physicians and executive staff
are eligible to elect the Optional Retirement Program (ORP) in lieu
of TRS. Social Security Program All employees are required to participate in the Federal Social Security program as a condition of employment. The wage bases are $94,200 for social security and unlimited for Medicare. The tax rates are 6.2% for social security and 1.45% for Medicare each for employers and employees. A valid social security card must be provided by all employees. Teacher Retirement System (TRS) Employees contribute 6.4% and the State contributes 6.58% of the employee's wages. Employee contributions are tax deferred. Interest is credited annually on August 31st to the member's account. Members vest after 5 years of credible service. TRS is a defined program offering death, survivor, disability, and retirement annuity benefits. Contribution rates are not guaranteed and subject to legislative change. Optional Retirement Program (ORP) Employee contributes 6.65% and the State contributes 6.58% of the employee's wages. Employee contributions are tax deferred. These contributions are deposited with the employee's selected ORP carrier. Participants vest after one year and one day of ORP participation. ORP is a defined contribution plan with benefits based upon individual investment decisions. The University accepts no fiduciary responsibility for the outcome of one's ORP. Contribution rates are not guaranteed and subject to legislative change. 90-Day Enrollment Deadline, Rules, and Information 403b Vendor Representatives for SHSU Supplemental Retirement Program (SRP) This program is voluntary and participation is in addition to the required retirement program. The program is eligible to any regular, fixed pay employee employed one half time or more or expected to work 1000 hours or more in a year. The SRP allows employees to accumulate investment funds through salary reductions, thereby deferring the payment of income tax on contributions until a future time. The SRP is subject to all applicable internal revenue codes. Salary reduction amounts are based upon internal revenue annual limits, catch up, and maximum contribution provisions. This program is also referred to as a Tax Sheltered Annuity (TSA) and/or Tax Deferred Annuity (TDA). Retirement Program Forms, Plan Documents, Plan Vendors, Notices, and Reference Guides |
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