UNT Benefits

The University of North Texas is a State of Texas employer and the majority of the benefits are determined and mandated by state law (www.unt.edu/hr/benefits).

Retirement

Mandatory Retirement Plans:

    Teacher Retirement System (TRS)
  • Defined benefits plan-based upon TRS formula
  • Vesting period is five years
  • TRS formula:  
    • TRS standard annuity (maximum annual benefit) = 2.3% X years of service X average of five highest fiscal year salaries
  • Contributions:
    • Employee – 6.4% of gross salary into your account
    • Employer/State – 6.0% to TRS fund
  • Additional Benefits:
    • Death/Survivor benefits
    • Disability Retirement benefits
    • Ability to purchase credit toward retirement (e.g. out-of-state service, military service)
  • Default retirement plan

    Optional Retirement Program (ORP)
  • Defined contribution plan – contributions pre-determined, set by state legislature
  • Vesting period is one year PLUS one day (must actually begin second year of ORP participation)
  • No formula for retirement benefit – based upon total contributions, interest earned, and pay options upon retirement
  • Contributions:
    • Employee – 6.65% of gross salary
    • Employer/State – 6.0
  • Program offered one time only – have a 90 day period to “elect” ORP

    NOTE: There are two ways to retire with full benefits (annuity plus health insurance)
  • Rule of 80 (years of service PLUS your age EQUAL 80 or more)
  • Age 65 with at least 10 years of service (must have at least 10 years participating in the Group Benefits Program’s insurance plan [State plan])

Voluntary Retirement Plan:

    Tax Deferred Account (aka Tax Sheltered Annuity aka Deferred Compensation 457 Plan)
  • Tax-sheltered employee contributions
  • No employer contributions
  • Maximum amount per calendar year is $15,000 for most participants
  • Must select from a list of authorized carriers (www.unt.edu/hr/benefits ).