Retirement Benefits
Clerical Union Employees | Human Resources

ARTICLE XI - RETIREMENT AND INSURANCE PLANS

The University agrees to continue its retirement and insurance plans for all eligible employees of the University unless discontinued or modified by its Board of Trustees. Individual participation is subject to all general rules and provisions for benefits as are established from time-to-time for all employees.

Section 1. Retirement

A. Retirement Plan

Eligibility: Classes A, B and full-time E, F, G and H employees may participate in a retirement plan on a voluntary matching basis upon the completion of one (1) full year of service. After four (4) years of service employees will be eligible for a University contribution with no matching required. A signed application is required before contributions begin.

Participation: An employee shall commence participation in the plan as of October 1 or April 1 following the satisfaction of the conditions for eligibility provided in Section 1-A.

A full time Class E, F, G or H employee who is a participant in the retirement plan with at least five (5) years full-time service and who is promoted or transferred to a part-time Class E, F, G or H position, working at least seventeen and a-half (17½) or more hours per week, will be allowed to continue to participate in the retirement plan based on his new salary.

Contribution: During voluntary participation, if the employee contributes 3%,
4%, 5% or 6% of his salary, then the University will contribute an equal amount. After four (4) years of service, the University will contribute 12% of the employee’s regular salary.

The University agrees not to change its contribution to the Plan during the life of the Contract, except by mutual agreement.

B. Voluntary Supplemental Contributions

Class A, B, E, F, G and H employees may elect to make voluntary supplemental contributions by payroll reduction to the retirement plan effective on the first day of the month following the date of employment or eligibility. These contributions would be in addition to any matching contributions an employee may be making.

If the disability extends beyond six months from the first date of absence due to the disability, payment of insurance benefits becomes the responsibility of the disability insurance carrier in accordance with its contract with the University. The benefit is 60% of the employee's monthly salary at the start of the disability, including payments from Social Security and Worker's Compensation, but subject to certain minimum and maximum limits outlined in the policy.

Planning for Retirement

Fidelity Investment Information

TIAA-CREF Investment Information

Human Resources | Benefits | Clerical Union Employees