As a benefits eligible employee of The University of Texas at San Antonio, you are eligible and required to participate in the retirement programs offered by the University of Texas System. These programs permit an employee to set aside a portion of their salary and defer Federal Income Tax withholding on the deferred deductions. Early withdrawal of these funds may be subject to an Early Withdrawal Penalty (See IRS Publication 939)
Teacher Retirement System (TRS): TRS is a traditional pension plan and is defined as a Defined Retirement Plan, IRC 401(a)
Optional Retirement Program (ORP): ORP is similar to a 401(k) plan and is defined as a Defined Contribution Plan, IRC 401(b).
UTSaver Voluntary Retirement Savings ProgramsBoth UT Saver and Deferred Compensation plans allow any employee to voluntary contribute additional funds on a tax deferred basis for retirement.
Employees may enroll or manage for their voluntary plans listed below via Retirement Manager. Updates must be completed before the 14th of the month to be effective on the payroll. (i.e. Change by April 13th for May 1st payday. ).
UTSaver Tax Shelter Annuity (TSA) TSA is a defined as an IRC 403(b).
UTSaver Deferred Compensation Plan (DCP) DCP is defined as an IRC 457(b).
Employees leaving the University’s employment may defer their unused annual leave payment directly into Deferred Compensation Plan (DCP). There is an IRS restriction that the DCP account must be established before leaving employment. Deferred limitation for 2014 is $17,500 if under age 50, and $23,000 if over age 50.
Visit UT System Retirement web page for more detailed information.