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TERRP Incentive Plan
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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 and operated 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.
Employees work directly with their own financial advisor to set up a 403(b)/457 account. The products that your financial advisor can utilize can be found here. The forms listed on the right side will need to be turned into the payroll department.
Sherman ISD will match employee deferrals up to 1% of pay for employees.
The employee is 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.
The employee must be employed on the last day of the plan year (August 31) to keep the District contribution for that year, with the exception of retirees who meet the TRS rule of 80 and those who die or become permanently disabled.
The plan year runs from September 1 to August 31 each year.
Longevity Supplementary Payment
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Longevity Supplementary Payment
Employees employed in a TRS-eligible position during the 2023-24 school year are eligible to receive a supplemental compensation payment. Employees’ years of service are not required to be consecutive or continuous; however, employees must be continuously employed during the 2024-25 school year through November 1, 2024 to receive such payment. The supplemental compensation payment will be paid in November of 2024, or as soon thereafter as practicable. The supplemental payment will be subject to all necessary and required taxes and withholdings.
Payment: The amount of the one-time supplemental payment an eligible employee receives under this plan will be based on the employee’s years of employment with the District and will be paid only at five year increments in the year following the anniversary date as outlined below:
At each five-year anniversary, eligible employees will earn $100 for each year of service.
- Example 1: Employee has worked 5 years in an eligible position with the District. This employee will receive $100 for each year of employment. The total supplemental payment will be $500 to be paid in the employee’s 6th year of eligible employment.
- Example 2: Employee has worked 10 years in an eligible position with the District. The employee will receive $100 for each year of employment. The total supplemental payment will be $1000 to be paid in the employee’s 11th year of eligible employment.
- Example 3: Employee has worked 30 years in an eligible position with the District. The employee will receive $100 for each year of employment. The total supplemental payment will be $3000 to be paid in the employee’s 31th year of eligible employment.
