Knowledgebase/FAQ : Retirement > The Optional Retirement Program (ORP)
Eligibility for ORP is determined by the job performed. Your institution Benefits Office will notify you if you are in an ORP-eligible position. To be eligible to participate in ORP, an employee must: (1) initially be appointed on a full-time basis for...
The Optional Retirement Program (ORP) may be chosen by certain employees as an alternative to TRS based on their appointment to certain positions. This program is a defined contribution plan governed by Internal Revenue Code Section 403(b).
To enroll in ORP, follow these steps: 1. Choose your retirement provider(s) from the currently authorized provider list. You may select more than one vendor for your ORP participation. 2. Log onto UTRetirement Manager and click on ORP Enroll/Cha...
All ORP-eligible employees should receive An Overview of TRS and ORP. A copy can be found at: www.utretirement.utsystem.edu/Retirement [1] Programs.html You may also wish to discuss both options with your local benefits office, a representative of T...
ORP is a tax-sheltered, qualified retirement savings account. At the time of retirement, you are eligible to receive your accumulated contributions and state matching funds plus or minus investment returns.
Rather than contributing to TRS, a set percentage of your salary is directed to one or more of the six authorized retirement providers chosen by you at the time of your initial enrollment. Your contributions and the state matching funds are then invest...
You have 90 days from the date you first become eligible for the ORP to make your enrollment decision. If you are reclassified and/or assume a new job and become ORP-eligible for the first time after your initial employment date, the 90-day election perio...