Choosing The Best Option: Optional Retirement Plan (ORP) or Teacher’s Retirement System

If you’ve recently been hired in public higher education, you have a very limited time window to make a big decision. Should you choose the Optional Retirement Plan (ORP) or Teacher’s Retirement System (TRS)? You have one chance to get it right. This is an irrevocable decision.

Here’s what you need to know.

choosing between the teachers retirement system and optional retirement program

Most teachers are automatically enrolled in TRS. However, certain employees of public colleges are eligible to choose the Optional Retirement Plan instead of the TRS pension plan. This is not a decision to be taken lightly! Although both of these accounts are meant to be for retirement savings and income, they each approach this goal using two distinctly different paths.

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Texas Teacher’s Retirement and Social Security Benefits

Texas teachers have a right to be perplexed about their Social Security benefits. The rules for collecting Texas Teacher’s Retirement and Social Security can be confusing and intimidating. The overabundance of bad information on the internet doesn’t help!

The good news is, the rules can be simplified and condensed into something that’s understandable for normal folks like us.

Texas teachers retirement and social security benefits

Even if I didn’t live in Texas, I think it would still be my favorite state. If you live here as well, I’m sure you’ll agree that there’s a lot to love about the Lone Star state. However, on a slight negative note, it’s one of only 15 states where teachers do not participate in Social Security. Instead, the state has their own pension plan that takes its place. That’s not a bad thing on its own, but it can cause confusion if you don’t know the rules on how Social Security benefits and Texas Teacher’s Retirement Pensions fit together.

Here’s a closer look at what you need to know.

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