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ORP plan

Plan details

Welcome to your ORP retirement 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

You are eligible and may elect to participate if you are employed by the Texas State University System or any of its component institutions, and are eligible to participate in the Optional Retirement Program under the provisions of the ORP Rules, 19 TAC §25.4. Election to participate in ORP is a one-time irrevocable option.

Starting early has its advantages

Employee contributions

Election to participate in ORP is a one-time irrevocable option, and therefore, employee contributions are considered non-elective.  All contributions will be deposited to your payroll account after each pay period.

Vesting

ORP vesting refers to a participant’s ownership of state contributions. Upon termination of employment in Texas public higher education, vested ORP participants take both employee and state contributions with them, but participants who terminate prior to vesting forfeit all state contributions made during that period of employment. 

ORP participants are vested after one year, or 12 cumulative (but not necessarily consecutive) months, of actual participation. “Participation” means making regular ORP contributions through payroll deduction. The ORP vesting period is often referred to as “a year and a day” because a participant must begin a second year of participation to meet the vesting requirement. 

Accessing your money before retirement

Withdrawals

When you retire, or if you terminate employment before retirement, you have the following basic benefit options from which to choose: annuity payout, cash distribution, or continuation of tax-deferred accumulation. 

Annuity payout

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, an annuity payout can provide an income that Corebridge Retirement Services guarantees will last as long as you live. A partial annuity payout can provide income and continued access to a portion of your retirement savings. With annuity payout, there are many payment options from 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.

Cash distribution
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. 

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.

In addition, the Internal Revenue Service (IRS) requires you to take Required Minimum Distribution (RMD) withdrawals from your retirement account(s) annually beginning the year you reach the RMD eligible age. RMD eligible age is:

  • Age 73 if you were born January 1, 1951, or later (The RMD eligible age will increase to age 75 after December 31, 2032)
  • Age 72 if you were born after June 30, 1949, and before January 1, 1951 (For individuals turning age 72 in 2023, no RMD payment is required in 2023)
  • Age 70 ½ if you were born before July 1, 1949.

Important considerations before deciding to move funds either into or out of a Corebridge Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations. Consult a tax professional before making a decision to move funds either into or out of a Corebridge account.

Loans

Loans are not permitted under this plan.

An array of investment choices

You decide how to invest your plan document. 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.

To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit www.corebridgefinancial.com/retirementservices or 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.

RO 2767020 (03/2023)