Retirement Plan Options | Texas Tech University Health Sciences Center
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Retirement Plan Options

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Planning for the Future

Whether you’re just getting started or are revising your savings strategies, TTUHSC is proud to offer a range of retirement options to help our team members build a secure financial future.

Retirement Programs Summary 

Mandatory Retirement Programs

All benefits-eligible employees must participate in a mandatory retirement plan. Teacher Retirement System (TRS) and Optional Retirement Plan (ORP) are the mandatory retirement plans offered by TTUHSC, meaning that if you are in a benefits-eligible position, you must contribute to one of these plans. The percentage for contribution to either plan is defined, and you may not make additional contributions in either of these plans. If you would like to contribute more towards retirement, TTUHSC offers additional voluntary supplemental plans.

The majority of TTUHSC benefits-eligible team members participate in TRS. ORP is available only to certain titles/positions, and employees who are ORP-eligible are notified at the start of employment or upon becoming eligible.

Teacher Retirement System of Texas (TRS)

All benefits-eligible employees are automatically enrolled as members of the Teacher Retirement System of Texas (TRS) on their first day of employment. 

Learn more

Optional Retirement Program (ORP)

Select faculty and administrative positions may elect to enroll in the Optional Retirement Program (ORP) as an alternative to the Teacher Retirement System of Texas (TRS).

Learn more

Voluntary (Supplemental) Retirement Programs

We often hear from individuals who would like to maximize their retirement contributions, as the mandatory retirement plans alone fall short of their goals. So, in addition to the mandatory retirement plans offered by TTUHSC, our team members have the option to participate in the voluntary 457 plan, or the 403(b) plan, or both.

Both plans are fully employee-funded. Contributions are conveniently taken through payroll deduction, and may be made on a pre-tax “traditional” or post-tax “Roth” basis, as decided by the employee. Pre-tax contributions allow you to defer income taxes now, which may help lower your current income tax bill. Later, when you withdraw funds from the plan, you pay taxes on the amount of the withdrawal at your marginal tax rate. 

 

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Thinking about Retiring?

When you’re ready to start planning for life's next stages, we’re here to help provide direction.

TTUHSC Human Resources is committed to supporting faculty and staff members' success through every level of their career – including preparing for retirement.

Contact your campus HR team to get started.

 

Enjoying Your Retirement

Your relationship with TTUHSC doesn't end with retirement — it begins an exciting new chapter. Enjoy the benefits, perks and special privileges you've earned and rest assured that your HR team is ready to support you whenever you need help.

If you are a TTUHSC retiree with questions, please feel free to reach out to your local HR office or the campus HR team that is most relevant to your career history. Visit our HR Contact webpage for contact information.