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Retirement Program

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 The savings and the earnings from SRA invest­ments are not subject to income tax until the benefits are withdrawn.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.