Employee Benefits - Retirement and Savings Plans
Eligible employees (full-time employees and employees who have the “Benefits Regular” status) participate in a matching retirement program. Faculty and professional employees who are at least 30 years of age are required to participate. Participation involves contributing 4% of the base salary and the University match is 10%. The available vendors are TIAA-CREF, ING, Fidelity, T. Rowe Price and VALIC/AIG. Newly eligible classified employees contribute 1, 2, 3, or 4% of the base salary with an equivalent match. After 5 years of full-time service, classified employees receive an additional 6% contribution. In 1998 Classified employees who were at least 50 years of age were given an option to switch to the matching retirement plan or remain in the Defined Benefit Plan. Classified employees who remained in the Defined Benefit plan may participate in the matching retirement plan but are not eligible for the additional 6% contribution. These retirement programs are 403(b) plans.
Employees have an additional opportunity to contribute on a tax-sheltered basis to a variety of approved companies which offer hundreds of fund choices in a 403(b) plan. For employees wanting additional tax-sheltered savings opportunities, a 457(b) plan is available using TIAA-CREF, Fidelity, ING, or VALIC/AIG. Tax-sheltered contributions to 403(b) and 457(b) plans are subject to IRS limitations. Please contact the benefits office if you have questions about your options.
You may change your beneficiaries to your plans at any time. You may sign a new Salary Reduction Agreement four times yearly; such changes are not subject to restrictions related to Open Enrollment or Family Status changes