Staff and faculty members are eligible to participate in the University’s retirement plan following completion of a 12-month calendar year period during which the employee completes 1,040 or more hours of service. Years of service with an eligible employer (any educational organization that meets the eligibility requirements of IRS Code Section 403 (b) during the 12 month period immediately preceding the eligible employees date of hire) will be counted for the purposes of meeting these participation requirements.
When you begin participation the University’s retirement plan, the University will contribute 9% equal to your monthly wages to the retirement plan. You are immediately 100% vested in the plan.
The retirement plan is a defined contribution plan with a choice of TIAA/CREF or VALIC as vendors. Contributions are invested at the direction of each employee in any of the funding vehicles available under the plans.
Supplemental Retirement Annuities
All regular and part-time employees and faculty may begin immediate participation in the SRA plan. You may voluntarily contribute to the supplemental retirement plan, which is a Section 403 (b) tax deferred annuity plan. Contributions are subject to limitations established by the Internal Revenue Service.
You have your choice of either choosing either TIAA/CREF or VALIC for your SRA’s. Contributions are invested at the direction of each employee in any of the funding vehicles available under the plans.
The descriptions and regulations of the plan are available directly from the vendors, but the Human Resources Office will assist you in getting information and in answering questions.
403b Summary Annual Report 2011