Welcome to your ORP plan. Click below to view the features and highlights of your employer’s retirement plan.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
Take advantage today
If you are employed in an ORP-eligible position, you must decide how you would like to invest both your contributions and your employer’s contributions within 90 days of the date you become eligible to participate.
The following positions are generally ORP-eligible (see the UT System ORP Policy for more detailed definitions):
- Faculty members whose duties include teaching and/or research as a principal activity
- Faculty administrators responsible for teaching and research faculty
- Professional librarians
- Chief and senior administrative officials
- Specialized professional positions (such as physicians, engineers, and attorneys)
- Athletic coaches and directors
- Counselors treated in the same manner as faculty
Starting early has its advantages
All employer and employee contributions will be deposited into your Texas ORP account after every payroll period.
Vesting refers to the length of service required for you to own the money deposited into your account. You are always 100% immediately vested in your own contributions. You are 100% vested in you employer’s contributions after completing one year and one day of service.
Accessing your money before retirement
When you retire, or if you terminate employment before retirement, you have the following basic benefit options from which to choose: continuation of tax-deferred accumulation, loan, annuitization, cash distribution.
Continuation of tax-deferred accumulation
You can choose to leave your account on deposit so that it can continue to accumulate tax-deferred. This way you can maintain investment flexibility while deferring all current tax liability until withdrawal or annuity payments begin, usually at retirement. You will be required under federal law to begin minimum distributions by April 1 of the year following your retirement or age 70½, whichever is later.
When you select an annuity option, you decide what portion, if not all, of your account you would like to use for annuity payout and how frequently you would like to receive payments. Generally, annuity payout can provide an income that AIG Retirement Services guarantees will last as long as you live. Partial annuity payout can provide an income and continued access to a portion of your retirement savings. With annuity payout, there are many payment options form which to choose. Taxes are payable on annuity payments as they are received.
All guarantees are backed by the claims-paying ability of The Variable Annuity Life Insurance Company.
You can receive all or any portion of your account’s current value as a cash distribution. However, if you choose this option, the amount withdrawn is immediately subject to federal income taxes and may be subject to federal early withdrawal tax penalties.
An array of investment choices
The following funds are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
Mutual fund performance:
View the entire list of funds and performance available in your Optional Retirement Plan (ORP).
View the entire list of funds and performance available in your Optional Retirement Plan (ORP). (Please note: It may take a few minutes to load the performance.)
For mutual fund: To view or print a prospectus, access “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.
For annuity: To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit www.valic.comor call 1-800-428-2542 and follow the prompts. The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment company that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money. Policy Form Series UIT-194, UITG-194 and UITG-194P.