Temporary Suspension of Employer Retirement Contributions to ERIP and CRP
The University is reducing employer contributions for fiscal year 2021 to the 403(b) defined contribution retirement plans, ERIP and CRP. This action is necessary to reduce our financial expenditures without making cuts in other areas. All eligible employees will still be able to make employee contributions to their retirement plans but will not receive a University matching contribution. We will be working with our union partners over the coming weeks to discuss the impact of this change in benefits as required by the respective collective bargaining agreements. These changes are expected to take effect July 1, 2020.
Salary Tiers for Employer Contributions
The University will use the Benefits Base Rate (BAR) as of June 1, 2020 to determine the contribution salary tier. New hires will be assigned a tier based on their BAR at the time of hire. Your BAR is usually the same as your annualize base salary.
Frequently Asked Questions:
Invest in your financial future by taking advantage of the University's retirement and deferred compensation plans. Experts estimate that you will need at least 70% of your annual income for each year of retirement. To build a sufficient nest egg, it is important to save as much as you can consistently over time. It is never too early, or too late, to save for your retirement.
You can get started right away by enrolling in the Supplemental Retirement Program ("SRP"). Depending on your job classification, you also will enjoy University contributions to your retirement savings through the University's mandatory retirement plans.
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Each retirement plan is described in detail in a Summary Plan Description ("SPD") or other document that is easily accessed from the "Related Documents" section. We encourage you to read each SPD to learn more about the plans that are available to you.
To help you with your questions about saving for retirement, TIAA provides free financial counseling on campus throughout the year. Representatives from TIAA are available to discuss personal financial planning, investment strategies, portfolio reviews and retirement education. Your spouse or partner is welcome to attend your meeting.
To Schedule a Counseling Appointment
TIAA also offers online tools to help you choose investment funds, decide how much to save, and manage your retirement account. We hope you will take advantage of the services offered by TIAA.