To comply with IRS requirements for qualified pension plans, TRS must limit the transfers made between contribution types and is not able to refund any overages. Reporting Employers will need to use the overage in a contribution account as a credit against future amounts due for that contribution type.
Therefore, it is crucial that all REs submit TEXNET deposits into the correct contribution account. It is highly recommended that all reporting employers submit their TEXNET deposits using the TEXNET website instead of submitting by phone.
Transfers will NOT be allowed into or out of:
- Retirement Contribution – MC
- Insurance Contribution – IN
- SSBB Payroll Deduction – SP
- TRS-ActiveCare – AC
Transfers ARE allowed between Pension contribution types:
- Federal Fund Contribution – FG
- Statutory Minimum Contribution – SM
- Reporting Employers Payments for New Member – NM
- Public Education Employer Contribution - EC
- Community/Junior College Contribution – CJ
- Reporting Employers Pension Surcharge for Retirees – PS
- Non-Education Contribution – NE
- Education/General-Local Funds – EG
- RE Penalty Interest – PI
- RE Penalty Fee – PF
Transfers ARE allowed between Health Insurance contribution types:
- Federal Insurance – FI
- Reporting Employers TRS-Care Contribution – RI
- Reporting Employers TRS-Care Surcharge for Retirees – CS
- TRS-Care Penalty Interest – CI
Transfers are NOT allowed between a Pension contribution type and a Health Insurance contribution type.
