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As you begin to plan for retirement, be sure to make good use of tax-advantaged savings like the Texa$aver program. With the Texa$aver voluntary retirement savings program, you can increase your personal retirement savings to bridge the financial gap between your pension and Social Security.
State of Texas Retirement does not include automatic cost-of-living adjustments (COLAs). If you were hired by a state agency on or after September 1, 2008, you were automatically enrolled in the Texa$aver 401(k) plan, with 1% of your salary contributed directly from your paycheck, pre-tax.
When you retire, you can keep your money with the Texa$aver program as long as you like, without losing your options. Leave your money in your 401 (k) or 457 program as is. Receive periodic payments, which is like still getting a paycheck in retirement.
Important information about your Texa$aver program. E-delivery is here! The Texa$aver SM 401 (k) / 457 Program has made the switch to e-delivery for both the 401 (k) and 457 plans. What this means for you: Your statements and confirmation documents are defaulted to electronic delivery.
As a State employee hired on or after January 1, 2008, you are automatically enrolled in the Texa$aver 401K Plan at 1% of your monthly compensation into a Wells Fargo Advantage Target Date Fund selected for you based on your current age. Return to work retirees at a state agency are not eligible for the automatic enrollment but can enroll any time.
The Texa$aver Program is a powerful tool to help you work together with Employees Retirement System of Texas (ERS) to save for retirement. The more you know about Texa$aver, the better you'll be able to plan your financial future. Click on a topic to find out more about the specifics of Texa$aver.
DFPS offers: Flex time for physical activity. Employees can flex their time for 90 minutes a week in three 30-minute increments to exercise. Walk day.
