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TERRP

 

Teacher/Employee Recruitment and Retention Program

 

The Teacher/Employee Recruitment and Retention Program (TERRP) is a local governmental, tax-qualified retirement savings plan and trust established under Section 401 (a) of the Internal Revenue code retirement program established by the Education Service Center Region 10.  This plan will supplement the 403(b)/457 employee plans with District contributions.  The employees’ money will be put into their own investment accounts.  The District contributions will be put into a separate TERRP account until the employee separates from service.

Plan highlights:

●       The District will match 50% of employee deferrals up to 2% of pay for employees not exceeding eight absences during the plan year.

●       The District will match 75% of employee deferrals up to 3% of pay for employees with excellent attendance, not exceeding two absences during the plan year.

●       The District will match 100% of employee deferrals up to 4% of pay for employees with perfect attendance during the plan year.

●       The maximum amount the District will contribute per employee is $6,000 per plan year.

●       Employees are zero percent vested in years one and two.  The employee becomes 50% vested in year three, 75% vested in year four and 100% vested in year five.

●       Must be employed on the last day of the plan year (August 31) to keep the District contribution for that year.  Exceptions – retirees who meet the TRS rule of 80 and those who die or become permanently disabled.

●       Retire/Rehire and part-time employees are not eligible.

●       Plan year runs from September 1 to August 31 each year.

For Information or questions:

www.region10rams.org

Click the Login button

First time user’s login using their Social Security number.

First time users then will set up a user ID (1st time will be Social Security #) and password (1st time will be last four digits of Social Security #) for future access.

Then you will click on participant.

1-800-943-9179 or 512-795-8999

 

Denise Stone – Chief Financial Officer, ext. 7015

Sherrie Stockton – Payroll Manager, ext. 7025

Kelli Armstrong – Benefits Specialist, ext. 7021