Teacher Retirement System (TRS) is the state retirement plan that provides retirement, disability and death benefits to eligible UTHealth Houston employees. TRS is a defined benefit plan that provides a monthly annuity to retirees based on a formula using salary and years of service. You are vested after attaining five years of service credit with a right to a retirement benefit. There are also disability, death and survivor benefits available to TRS members.
Optional Retirement Program (ORP) is a defined contribution plan governed by Internal Revenue Code Section 403(b). You choose the investments made and the benefits are based on their performance. You're vested after one year and one day of participation with a right to both your and your employer's contributions. ORP is more portable than TRS. But, federal tax law prohibits 403(b) plans from providing disability benefits like those provided by TRS.
Voluntary Retirement Plans are also available. UTSaver TSA 403(b); and UTSaver DCP 457(b). Any employee appointed to work is eligible to participate in these programs.