RETIREMENT PLANNING
Important Background Information
The Texas Optional Retirement Program (ORP) is designed for full-time faculty at state-supported institutions of higher education. Created by the Texas Legislature in 1967, it is offered as an alternative to participation in the Teacher Retirement System of Texas (TRS). Upon employment at an institution, an employee is given 90 days to choose whether to invest his or her retirement fund in ORP or TRS. This choice is irrevocable. Therefore, new employees are urged to make this decision carefully.
Though we do not endorse or favor any particular plan, we hope the following reports and links will aid you in your discernment process.
Reports and Helpful Links
Coordinating Board Finance and Resource Planning
Teacher Retirement System of Texas (TRS)
Optional Retirement Program (ORP)
Employees Retirement System (ERS)
Social Security Retirement Estimator
Perusing sites like American Express and/or Morningstar (free registration required) can help aid you in getting to know a company, investigate fund performance, and learn about your options (a few of which are listed below).
- AIG
- Capital Group: American Funds
- CitiCorp
- Fidelity
- Kemper
- Lincoln Financial Group
- Merrill Lynch
- Pioneer
- TIAA
- Voya
Personal Retirement Information Links
401K Contribution:
- 401K Average Rate of Return (SoFi)
- 401K Retirement Calculator (BankRate)
- How Much Is Your 401(k) Match Really Worth? (The Motley Fool)
- What Happens to Your 401(k) When You Leave Your Job (US News)
Five Things to Know About Asset Allocation (The Motley Fool)
How Much Do I Need to Retire? (Investopedia)
Roth IRA Calculator (ThriveNT)
Financial Literacy in the Black Community (Annuity.org)