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New Member Contribution Rates for 2016-17
Effective September 1, 2016, the amount participants pay into TRS will increase from 7.2% to 7.7%. This change will be reflected for all salary earned on or after September 1, 2016. This is the last of several increases over the past few years authorized by the Texas Legislature.
Know Who You Are Dealing With
The Teacher Retirement System frequently receives calls from their members asking if TRS contacts individuals wishing to visit them at home to discuss TRS benefits. The answer is: NO! TRS staff members do not make visits to individual members’ homes. If someone contacts you and asks to meet in your home, it is important to make sure that you know who that person is, because the person does NOT represent TRS. These individuals often use organization names or initials that sound very much like TRS; however, if you listen closely, you will realize the distinction.
If you belong to a professional association whose membership consists of TRS members or retirees, it is possible that the association may share its membership list externally, including to sales people. Do not confuse persons representing such organizations or offering financial products with TRS employees. TRS guards the confidential information of its members and retirees and does not release names, addresses or other information to professional associations or other external parties and TRS staff members do not make home visits.
Certain organizations have also sent postcards and email messages to members asking for personal information so they can prepare retirement estimates. These communications, again often sent by groups with names similar to TRS, promise information on taxes and TRS retirement benefits for those who respond. Please keep in mind that retirement estimates and information about member accounts, sent from TRS, will reflect the information maintained in TRS’ records and is provided by TRS at no cost to you.
These types of solicitations are usually sent by private, for-profit groups wishing to sell you something. You should respond to these requests for home visits, postcards and messages only if you believe such information would be to your advantage and you do not mind receiving follow-up information. Before divulging personal information, you should consider how it may be used, including what assurances you have that your personal information will be confidentially maintained rather than shared or sold to other vendors.
UT Retirement Lets You Rely on Approved Providers
Additionally, as University of Texas System employees you may receive solicitations promising information regarding TRS or UT System retirement plans. Please note that UT System contracts with only five approved providers and under our rules authorized representatives of these providers should never charge you a fee for information or to meet in person, or make unsolicited contact with you directly through your work email or phone if you are not already a client of theirs. If you have any question about an unwanted solicitation, or have questions regarding financial services being offered by a non-authorized individual to you as a University of Texas employee, please contact your institution's HR or Benefits Office immediately.
