TERRP Incentive Plan

  • The second year of the Sherman ISD TERRP incentive plan will begin September 1. We would like to encourage all employees to participate in this program. Last year, 102 employees qualified for the incentive and we would love to double that for the 18-19 school year. If you believe you qualified for the incentive and did not receive an email from Human Resources Director Jill O'neal, please email joneal@shermanisd.net.

    In order to qualify for the TERRP Program, you simply need to contribute to a 457 or 403 (b) account and have five days or fewer of absenteeism from 9/1/18 until 8/31/19.  Your financial advisor will need to set up your 457 or 403(b) account.  Your 403(b)/457 account(s) can be set up anytime during the calendar year and you can change the monthly contributions as needed. Your financial advisor should be familiar with the list of approved companies.  That list can be found here.

    Once you have decided on your investments, you will need to turn in the appropriate form to payroll.  Those forms can be found here.

    You can use your own financial advisor to complete this process, just make sure you turn in the form to our Payroll Department.

     

     

     
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Longevity Supplementary Payment

  • Longevity Supplementary Payment

    Employees employed in a TRS-eligible position during the 2017-2018 school year are eligible to receive this one-time supplemental compensation payment. Employees’ years of service are not required to be consecutive or continuous; however, employees must be continuously employed during the 2017-2018 school year through November 1, 2018 to receive such payment. The supplemental compensation payment will be paid in November of 2018, 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.
     
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