All regular employees are eligible to participate in the university's retirement plan on the first day of the month following the completion of two years of eligible service. Employees electing to join the voluntary retirement plan will contribute 5% of their monthly salary and the university will contribute an amount equal to 7.0% of their monthly salary. Vesting is immediate. Under the guidelines established by IRS Code Section 403(b) and 403(b)(7), employees' annual salaries are reduced by the amount of their contributions for income tax purposes and the combined contributions earn on a tax-deferred basis. Employees may select a retirement plan funding vehicle from one of three vendors, including insurance and mutual funds companies. The money is set aside for use when employees retire and is generally not available to employees while they remain actively employed. The rules governing this program are itemized in the Retirement Resolution available in the Office of Human Resources.