Texa$aver 401(k) / 457 Program for Former Employees
When you leave state employment, you can keep your money with the Texa$aver program as long as you like, without losing your options.
While employed with the state you contributed to the ERS retirement fund, with the state and the agency you worked for also contributing on your behalf, but your ERS annuity may replace only about 50% of your salary when you retire. 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$aver 401(k) plan, with 1% of your salary contributed directly from your paycheck, pre-tax. If you weren’t enrolled automatically, you may have opened a Texa$aver account. You may have substantially increased your retirement income by gradually raising your contributions each year, up to the maximum level you specified.
After you leave state employment, you can keep your Texa$aver account to take advantage of the program’s many benefits, including lower-than-average fees and access to professional investment advice through the Advisor Service.
Manage Your Investments
Withdrawals & Distributions