Retirement Income Plan for Employees (ERIP)

PDF IconDownload the ERIP Summary Plan Description for detailed information about the benefits available to you.

Regular staff employees age 21 or older, who work at least 1,000 hours annually, earn benefits under the following mandatory retirement plan. 

  • Retirement Income Plan for Employees (ERIP)

ERIP is a 403(b) defined contribution plan that provides benefits through retirement savings accounts. Under ERIP, you establish an account into which both you and the University contribute a percentage of your pay each pay period. The University contributes 4% of your compensation and you contribute a mandatory 3% by payroll deduction. You have the option to voluntarily contribute up to an additional 2%, which will be matched up to 4% by the University.

These contributions and their investment earnings make up your retirement savings account from which you can draw retirement income.

Participant Directed Investments

You may direct the investment of both the University's and your own contributions among the investment options offered by TIAA. Because participation is a condition of employment for all who are eligible, enrollment automatically occurs as soon as the eligibility requirements are satisfied. While enrollment is automatic, we encourage you to complete a TIAA Group Retirement Annuity Application. Please note:

  • If you do not specify the particular funds in which you want to invest in, your contributions will be directed to the appropriate Vanguard Institutional Target Retirement Fund.
  • If you would like to change your fund selection, you may do so by contacting TIAA directly.
  • It is important that you designate your primary and contingent beneficiaries to receive your ERIP assets in the event of your death.

Contributions and Earnings are Tax-Deferred

All amounts held in your retirement savings account are tax-deferred. This means you pay no income taxes on your ERIP benefits until you receive payments from the plan.


You are always fully vested in your own contributions and any earnings thereon. You will be fully vested in the University's contributions after completing three years of service.

Defined Benefit Component

ERIP included both a defined contribution component described above and a defined benefit component that was frozen December 31, 2008, and a defined benefit pension plan that was frozen June 30, 2016. Employees who earned a pension under the ERIP defined benefit component before January 1, 2009 and SEPP defined benefit pension plan before July 1, 2016 will not lose that benefit. Going forward, all eligible employees will participate in enhanced benefits under ERIP. 

To learn more about any benefit you may have earned under the ERIP defined benefit component and SEPP defined benefit pension plan, active employees should refer to the annual defined benefit plan statement that is mailed to their home annually.

Additional Resources 

A few weeks before you are eligible to join the plan, you will receive a letter inviting you to attend a Retirement Plan Information Meeting. We encourage you to attend one of these monthly sessions at which representatives from TIAA will be available to help you with your enrollment and investment selection.

Individual meetings with TIAA financial advisers are available by appointment.

For more information, download the Retirement Income Plan for Employees Summary Plan Description found under Related Documents.