| 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.
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