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After one year of full-time service, participation is permitted in the University's Basic, voluntary defined contribution retirement program. Accounts are available with TIAA-CREF and/or The Vanguard Group. Immediate participation is permitted when the new employee has an existing 403(b) account from a previous not-for-profit employer that included an employer matching provision. For employees to participate, they must complete a University Basic Salary Reduction Form and investment carrier application form(s). University contributions are made based on the following schedule:
Employee Contribution |
Base University
Contribution |
Matching
Contributions |
Total University Contribution |
0% |
3.5% |
0% |
3.5% |
1% |
3.5% |
1% |
4.5% |
2% |
3.5% |
2% |
5.5% |
3% |
3.5% |
3% |
6.5% |
4% |
3.5% |
4% |
7.5% |
5% |
3.5% |
5% |
8.5% |
The University increases the base university contribution to 5% after 10 years of service. Vesting is full and immediate for both employee and University contributions.
Employees also may maintain a TIAA-CREF and/or Vanguard Supplemental Retirement Account (SRA), which provides an additional tax-sheltered option to save for retirement. There is no University contribution to this supplemental program. The savings and the earnings from SRA investments are not subject to income tax until the benefits are withdrawn. All staff employees are eligible to participate immediately in a SRA, subject to limitations imposed by the Internal Revenue Service.
Faculty Note:
Participation is permitted in the University's Basic voluntary defined contribution Retirement Plan after one year of full-time service for tenure track faculty and continuing non-tenure track faculty. Accounts are available with TIAA-CREF and/or The Vanguard Group. Immediate participation is permitted when the new tenure track or continuing non-tenure track faculty member has an existing 403(b) account from a previous not-for-profit employer that included an employer matching provision.
The Office of Academic Affairs advises Human Resources as to the classification of a faculty member. Faculty on temporary status or as one-semester visiting professors are not eligible to participate.
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