POLICY 4.17.2.5 - Retirement
Benefited employees of the university become eligible to participate in a salary reduction annuity retirement program with Teachers Insurance and Annuity Association (TIAA-CREF) after one year of full-time service. The program is mandatory for employees hired after July 1, 1988, who are 30 years of age or older and have completed one year of full-time service.
Employees exempt from participation because they were employed prior to July 1, 1988, or because they are under the age of 30 must sign annually a declaration declining participation.
Employees contribute 5 percent of their base salary to the plan. The university contributes an additional 8 percent. State and federal taxes are deferred on both the employee’s and employer’s contribution. All contributions are fully vested at the time of the contribution.
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