Pacific University employees are included in the university’s retirement plan after they have worked for Pacific at least 1,000 hours over the course of a 12-month calendar year. If you worked for another qualifying education institution immediately prior to joining the Pacific University staff and faculty, that service may count toward your eligibility.
Once you begin participating in the retirement plan, the university will contribute the equivalent of 9 percent of your monthly wages to the plan. You may choose to contribute to plans through TIAA/CREF or VALIC vendors, and your contributions are invested according to your direction, based on the options available through each vendor. You are immediately vested in either plan.
You also may participate in the Supplemental Retirement Annuities (SRA) plan, which allows you to contribute to your own retirement plan, with limits set by the IRS.
There is no 12-month waiting period to begin contributing to the SRA and changes can be made at anytime. The SRA is a Section 403(b) tax deferred annuity plan. You also have a choice between plans through TIAA/CREF or VALIC, and your contributions are invested at your direction, based on options available.