Teacher/Employee Recruitment/Retention Program (TERRP)
This service provides a vehicle for a district to design a financial incentive program to assist with recruitment and retention of teachers and other valued school employees. This service is managed through a partnership arrangement with Region 10 ESC.
The service can be based upon the elective contribution of teachers/employees into 403(b) or 457(b) plans. These elective contributions are then matched by district contributions into a 401(a) trust, referred to as TERRP. These service designs provide for maximum district flexibility, minimal restrictions upon investment strategies, and appropriate distributions to encourage teachers and other valued employees to remain within the district.
The ESC will work with individual districts to develop appropriate matching programs of benefit not only to the district but also to the designated eligible employees. The Plan Options Matrix (next page) presents the design options available to adopting districts and reveals the flexibility in designing local programs.
Region 10 ESC will coordinate the development of local plans, structure and facilitate the Investment Advisory Committee (IAC), and provide consultation and offer training to appropriate district level personnel.
Local contributions will be invested according to an investment policy developed by the IAC with the assistance of a Registered Investment Advisor (RIA). Management of trust assets and investments will be the responsibility of the Recordkeeper/Trust Administrator, Trustee, and RIA, with oversight provided by the IAC.
The IAC will be composed of a maximum of eleven (11) superintendents or top level administrators from participating districts plus a representative from Region 10.
Costs are based on the individual district program design.
Contact:
Gordon Taylor, (972) 348-1004
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