Texa$aver is a voluntary retirement savings program offered through ERS. Texa$aver can help you save for your future today.
Many financial experts agree that you will need at least 70% of your income to maintain your current way of life in retirement. And while you may receive money in the form of a pension and Social Security benefits when you retire, that may not be enough. That’s where the Texa$aver 401(k)/457 Program comes into play.
The recordkeeper for Texa$aver is Great-West Retirement Services® (Great-West).
Sign up to receive Texa$aver 401(k)/457 Program email updates
Select who will receive your Texa$aver account balance if you should die.
New employees are automatically enrolled at 1%. Contributions are taken out before tax.
Example of how investing compounds over the years.
Administrative fees, account management fees, and other one-time charges.
Compares the Texa$aver 401(k), 457 plans, and Roth plans.
Participating in the Texa$aver Program has it's advantages.
Make changes anytime of the year.
Rollovers from other account into the Texa$aver account saves on fees.
Provides advice about investing your Texa$aver account money.
Increase your retirement saving by depositing your annual leave payment into Texa$aver.
Special circumstances that increase your maximum contributions per year.
Texa$aver offers a Roth contribution option in both the 401(k) and 457 Plans.
Choose the right investments to match your goals.
Distribution flexibility with a variety of payout options.
Borrowing from your account now impacts your retirement savings long-term.
Requires that you begin taking distributions once you reach age 70½.
Rollover money from your account to purchase service credit.