Retirement Plan 401(a)
Retiree Benefits | Human Resources

Full-time faculty and full-and part-time (20 hours or more per week) administrators are eligible to participate in this defined contribution plan. In a defined contribution plan a specific contribution is made for you each month. At the time of retirement, your benefit depends on the total of the contributions and the accrued earnings.

The University currently makes the following monthly contributions towards your retirement. However, the University has the right at any time to increase or decrease the amount of its contribution to the Plan, including making no contribution to the Plan.

Faculty: After a one year waiting period as of September 1st or March 1st of each year (but in no event more than an 18 month waiting period,) the University will contribute 12% of your monthly contract (base) salary. University contributions are immediately vested 100%.

Administrators: After a one year waiting period as of September 1st or March 1st of each year (but in no event more than an 18 month waiting period,) the University will contribute 12% of your monthly base salary. The University’s contributions, however, are subject to the following vesting schedule for administrators hired on or after February 1, 1989.

However, eligible administrators will be 100% vested upon reaching age 40 or completing 6 years of service, whichever occurs first. Administrators hired before 2/1/89 are 100% vested in their accounts.

You may direct the University’s contribution to be deposited into your own account with either:

• Teacher’s Insurance Annuity Association/College Retirement Equity Funds (TIAA/CREF), or
• Fidelity Investments Mutual Funds.

Both TIAA/CREF and Fidelity send their participants a quarterly report showing the status of the participant’s account. The University’s retirement plan is a tax-qualified plan (Section 401(a) Plan).

TIAA/CREF 800-842-2776 www.tiaa-cref.org
Fidelity 800-343-0860 netbenefits.non-profits.com

Human Resources | Benefits | Retiree Benefits