Benefits

Retirement Plans

Temporary Suspension of Employer Retirement Contributions to ERIP and CRP from July 1, 2020 - June 30, 2021 

The University reduced its employer contributions for fiscal year from July 1, 2020 through June 30, 2021 to the 403(b) defined contribution retirement plans, ERIP and CRP. This action was necessary to reduce our financial expenditures without making cuts in other areas. All eligible employees are still able to make employee contributions to their retirement plans but will not receive a University mandatory contribution or matching contribution. 

 

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. 

  

Tier

Tier Group

Employer Contribution %

1

Employees making 130K or less

1

2

Employees making over 130K

0

 

Key Points:

  • All eligibility requirements for the CRP and ERIP remain the same

  • Employees are required to make their mandatory contributions

  • Employees will still be able to make voluntary contributions to the Voluntary ERIP, SRP, and 457b plans

  • The changes were effective on the July 17th 2020 biweekly check and the July 31st 2020 monthly check

  • The University continues to make SEPP Transition Contributions under ERIP

  • Employees covered under collectively bargained plans were not affected by the above changes

Reinstatement of Employer Retirement Contributions to ERIP and CRP. Effective July 1, 2021, the University will fully reinstate employer contributions for fiscal year 2022 to the 403(b) defined contribution retirement plans, ERIP and CRP. The reinstatement will go into effect for eligible employees at all income levels. Note that in some cases, an employee contribution is necessary for the University to make a matching contribution.

 

Frequently Asked Questions: 

For more information please review Frequently Asked Questions or call a Benefit Specialists Monday through Friday from 8:30 a.m. to 4:30 p.m. at (773)702-9634, or email benefits@uchicago.edu

 

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.

Faculty
  • Supplemental Retirement Program
  • Contributory Retirement Plan
Other Academic Appointees
  • Supplemental Retirement Program
  • Contributory Retirement Plan
Highly-Compensated Staff
  • Supplemental Retirement Program
  • Contributory Retirement Plan
Regular Staff
  • Supplemental Retirement Program
  • Retirement Income Plan for Employees

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

https://www.tiaa.org/public/tcm/uchicago/home

 800.732.8353

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.