Redesign of Retirement (ERIP/SEPP)
On July 1, 2016, The University of Chicago will be redesigning our retirement program.
- Staff employees will continue to participate in the Retirement Income Plan for Employees (ERIP), and this benefit will be enhanced by increasing the University's base contribution and providing a University match on voluntary employee contributions.
- The Pension Plan for Staff Employees (SEPP) will be closed to new hires and currently enrolled employees will earn no additional benefits. The benefits earned in the SEPP as of June 30, 2016 will remain in the plan until you retire from or leave The University.
Voluntary ERIP Contribution Election
On or after June 1, 2016, visit workday.uchicago.edu to make your voluntary ERIP elections. Prior to making your elections please watch the Voluntary ERIP Election video, which includes important dates and deadlines to ensure your new voluntary ERIP elections and University match are reflected in your July 2016 paycheck. A Quick Reference Guide is available to assist you with the enrollment process. Receive hands-on assistance with the Workday election process every Thursday in June and July, from 10:30 - 11:30 a.m. at 6054 S. Drexel Ave. in Room 146.
Retirement Plan for Employees (ERIP)
Staff employees will continue to participate in the Retirement Income Plan for Employees (ERIP), and this benefit will be enhanced by adding a matching contribution and increasing the University's base contribution.
|Mandatory Employee Contribution||3.0% of pay|
|University Contribution||4.0% of pay|
|University Match on Voluntary Employee Contributions||
200% match on additional, voluntary employee contribution up to 2.0%
(e.g. 4.0% maximum University matching contribution)
|Total Possible Contribution|
8.0% (4.0% mandatory and
up to 4.0% voluntary match)
5.0% (3.0% mandatory and
up to 2.0% voluntary match)
Employees at least age 40 with ten or more years of participation in the retirement plan or age 45 regardless of years of participation will also receive a transition contribution to their ERIP Account for up to seven years or until termination date if earlier, based on the following schedule:
|Age at Transition||Years of Participation at Transition|
|0-10 Years||10+ Years|
The Supplemental Retirement Program (SRP) is still available for your additional voluntary savings. The IRS sets limits on how much you can contribute to a 403(b) savings plan like ERIP and SRP. This means your combined voluntary contributions to ERIP and SRP cannot exceed $18,000 in 2016. (The mandatory contribution does not count toward this limit). Employees who are age 50 or over at the end of the calendar year can also make catch-up contributions up to $6,000 in 2016.
Frequently Asked Questions
A list of frequently asked questions regarding Plan Changes, SEPP Benefits, 403(b) Benefits, Transition Benefits, Leaving the University, Resources and Planning is available for you under Related Documents.
A Retirement Program Overview Brochure and a Personalized Statement have been mailed to your home. It includes how your benefit is calculated and the benefit you have accrued as of December 31, 2015. A final statement of your accrued benefit through June 30, 2016 will be mailed to your home no later than September 30, 2016.
Starting in March 2016, you will have access to individual financial support from TIAA-CREF and Vanguard. This is an opportunity to discuss your personal financial situation and ask questions. To schedule a counseling appointment please contact the vendor directly.
|Vanguard||meetvanguard.com||800-662-0106 ext. 14500|
Contact TIAA-CREF or Vanguard if you would like to change your investment options. You can select from a variety of investment options to help grow your retirement savings.
The Benefits Team will be offering weekly information sessions entitled "Retirement Plan Change". In these sessions, the Benefits Team will provide an overview of the following areas related to this change:
- What is Changing
- What Do I Need To Do
These sessions are meant to answer questions on the retirement plan change. Representatives from both TIAA-CREF and Vanguard will also be available to answer questions. All information sessions will be held at 6054 S. Drexel/1st Floor in Room 144 every Thursday from 10:30 a.m. - 11:30 a.m on the following dates:
|March 10, 2016||May 26, 2016|
|March 17, 2016||June 2, 2016|
|March 24, 2016||June 9, 2016|
|March 31, 2016||June 16, 2016|
|April 7, 2016||June 23, 2016|
|April 14, 2016||June 30, 2016|
|April 21, 2016||July 7, 2016|
|May 5, 2016||July 14, 2016|
|May 12, 2016||July 21, 2016|
|May 19, 2016||July 28, 2016|
To register for any of these sessions, please visit the Human Resources online training website at https://training.uchicago.edu/course_detail.cfm?course_id=1670.
If you have questions on the plan change, please do not hesitate to take advantage of the personal assistance that our Benefit Specialists can provide. Benefit Specialists can be reached Monday through Friday from 8:30 a.m. to 4:30 p.m. by phone at 773-702-9634 or email at firstname.lastname@example.org.