Retirement Program (Pension Plan)

The primary retirement program is implemented by participation in the TIAA program. Employees become eligible to participate in TIAA on the first day of their employment. Participation in the program is voluntary. Participants contribute a minimum of one to four percent (1-4%) of their pre-tax salary to the plan each month, and the University matches that amount (1-4%) each month. During a sabbatical leave, the University will continue its normal contributions to a participant’s contract on the basis of the participant’s last salary provided that the participant also continues to make normal contributions. During a leave of absence, the participant may continue to make contributions, but the University will not match those contributions. Details of all participating plans may be obtained by contacting the University’s TIAA customer service representative. Employees are encouraged to read materials sent out by TIAA with their quarterly statements of account.

Permanent 20-hour-per-week employees may participate at the same rate of contributions as is applicable to 30 or 40 hour per week employees.