MC employees do not participate in Social Security. Participation in one of the retirement programs listed below may be required.
Part-Time Employees, not benefits eligible, will be required to participate in:
A defined contribution retirement plan required as an alternate to Social Security.
Full-Time employees or benefits-eligible Part-Time employees, may be eligible for participation in:
Teacher Retirement System Of Texas (TRS)
A traditional defined benefit State retirement program in which investment risks are generally absorbed by the State.
Full-Time faculty, librarians, and certain administrators may be eligible to participate in:
Optional Retirement Program (ORP)
An individualized defined contribution plan in which each participant selects from a variety of investments offered by approved companies through annuity contracts or mutual fund investments.
7% EMPLOYER-PAID TAX DEFERRED ANNUITY PLAN
Full-Time employees receive tax deferred annuity payments in the amount of 7% of base salary, paid by the College. Employees with temporary full-time assignments are not eligible for this benefit. The plan is administered by:
Optional Tax-Deferred Annuity Contributions
All employees, with the exception of student employees, are eligible to participate in the 403(b) and 457(b) plans immediately upon employment. Employees make may elective deferrals to an approved vendor up to the IRS maximum allowable contributions. The contributions are pre-tax and made through payroll deduction. To participate, you will need to set up your contract with an approved vendor and submit 403(b) Salary Reduction Agreement or 457(b) Enrollment Form to the Human Resources/Payroll office. A list of approved vendors and required forms may be found on the TSA Consulting Group, Inc. website.
RETIREMENT WITHDRAWALS,TRANSFERS, LOANS, HARDSHIPS, ETC. REQUIRE THIRD PARTY ADMINISTRATOR APPROVAL
Please contact your investment provider to obtain their required forms for your retirement transactions (excluding TRS). You will need to submit a completed Transaction Information Form along with your completed investment provider’s forms to TSA Consulting Group, Inc. per the instructions on the form. TSA Consulting Group, Inc. is the third party administrator for the College’s retirement programs.
Human Resources/Payroll Office
Pevehouse Administration Building
(432) 685-6480 Fax
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