457(b) Deferred Compensation Plan
The Section 457(b) Deferred Compensation Plan is an additional retirement plan that allows employees to contribute amounts over and above the limits imposed on the University’s Regular and Supplemental Retirement Plans. Enrollment shall be effective on or after the first day of the month following the date the required forms are received by the Human Resources Office.
To participate in this plan, an employee must be eligible to participate in the University’s Regular Retirement Plan or Supplemental Retirement Plan and must contribute the maximum amount permitted by law to those plans. The University will contribute 11% of the amount an employee contributes to the 457(b) plan provided the employee has completed “one year of service” as defined by the University’s Regular Retirement Plan. The investment options under this plan include all the funds currently offered by TIAA-CREF under the retirement plans. Enrollment packets for this plan are available in the Human Resources Office.
Mortgages and Refinancing
Faculty members are offered mortgage, home equity and title insurance products, at reduced rates and fees. Information is available in the Human Resources Office.
Regular Retirement Plan
Beginning on the first day of the month following employment, faculty members may participate in the Regular Retirement Plan and have contributions directed to TIAA-CREF, Lincoln Investment Planning, Inc.. and/or The Vanguard Group of Investment Companies.
Beginning on the first day of the month following a faculty member's completion of one year of service, the University will contribute 8 percent of each faculty member's base contract salary (including stipends for department chairs and program directors) to the retirement plan. In addition, the University will match the contribution of each participant who has satisfied the one-year requirement up to a maximum of 3 percent. The faculty member may contribute an amount in excess of 3 percent within the limitations of the Internal Revenue Code. The University will make contributions to the plan only if the faculty member completes the required forms.
Faculty members hired on or after January 1, 1991 who were employed full-time by a public or private educational institution offering a baccalaureate or advanced degree will be credited with their service at that institution for purposes of the one year waiting period for the University contribution. A faculty member must provide the Human Resources Office with a letter from the former institution(s) stating the dates of prior full-time service.
Social Security and Medicare
All faculty members are required to participate in the Social Security Program under the Federal Insurance Contributions Act (FICA). The contribution, which is established by law, is deducted from the paycheck, and the University contributes an equal amount.
Supplemental Retirement Plan
Faculty members may begin participation in the Supplemental Retirement Plan on the first day of the month following employment by making tax deferred contributions directed to Lincoln Investment Planning, Inc., TIAA-CREF, and/or The Vanguard Group of Investment Companies. The University does not contribute to this plan.
Booklets describing the retirement plans and the various investment options are available in the Human Resources Office.
U.S. Savings Bonds
Series EE and Series I Savings Bonds may be purchased through payroll deduction. The minimum bond available for Series EE bonds is $100, which has a purchase price of $50. Series I Bonds will be available at face value for a minimum denomination of $50. Applications are available in the Human Resources Office.