The rate rises again to 7.7 percent on Sept. 1, 2016. In 2017, if the state reduces its own contribution rate to less than 6.8 percent, the employee rate will fall by an equivalent percentage.
TRS is a defined benefit retirement plan governed by U.S. Internal Revenue Code Section 401(a) and the Texas Legislature. The pension trust fund provides service and disability retirement benefits, as well as death and survivor benefits, to eligible Texas public education employees and their beneficiaries. Retirement benefits are financed by member and state contributions, employer contributions in some circumstances, and investment earnings of the pension trust fund.
All UT System employees who are eligible for benefits are automatically enrolled in TRS on their first day of employment. Faculty and certain eligible professional and administrative positions have a one-time irrevocable option to elect the Optional Retirement Program in lieu of TRS within 90 days of employment or 90 days of ORP eligibility with the UT System.
For more information, email the Office of Human Resources — Employee Benefits Services, or call 972-883-2221.