3.3.5.3: Retirement Plan

Employees are eligible to join the University’s retirement plan after six (6) full-time months of service and subject to the terms and conditions of the plan. Employment immediately prior to joining the University at a two-year college, four-year college or university or a non-profit organization may count toward the service requirement (contact Human Resources for necessary documentation). Participation in the plan may begin only after all enrollment applications are completed. The retirement plan is two-fold: mandatory non-contributory option (University contribution: 2.5% of base annual salary) and a voluntary contributory option (individual contribution up to $15,000 in 2006 for employees under 50 years of age and $20,000 for employees over 50, and a University matching contribution: up to 5% of employee’s base annual salary.) Employees may change their contribution percentage by completing a new form which can be obtained in the Human Resources Office. All contributions which accumulate in the retirement plan belong to the individual, even though the individual may leave the employment of the University. Contributions are deposited with Teachers Insurance & Annuity Association/ College Retirement Equities Fund (TIAA/CREF) or other qualifying fund(s). Federal law and the plan contain other limitations on participation. To the extent there is any inconsistency in the description of benefits and the plan documents, the plan documents control. Employees should contact the Human Resources Office for additional information with respect to the University’s Retirement Plan.