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.
Each retirement plan is described in detail in a Summary Plan Description ("SPD") or other documents that are easily accessed from the UChicago Intranet or by contacting the Benefits Office (email@example.com). We encourage you to read each SPD to learn more about the plans that are available to you.
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Contributory Retirement Plan (CRP)
The Contributory Retirement Plan (CRP) is a 403(b) defined contribution plan that provides benefits through retirement savings accounts. Under CRP, you establish an account into which both you and the University contribute a percentage of your pay each pay period.
The University contributes 8% of your compensation and you contribute 5% by payroll deduction. These contributions and their investment earnings make up your retirement savings account from which you can draw a retirement income.
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.
Regular staff employees age 21 or older, who work at least 1,000 hours annually, must participate in the plan.
Supplemental Retirement Program (SRP)
You can begin saving for retirement immediately by taking advantage of the Supplemental Retirement Program. It is a voluntary plan under which you specify the dollar amount that you wish to contribute by payroll deduction each pay period.
The University does not contribute to your SRP account. Distributions from previous employers' retirement plans can be rolled over to the SRP. For more information, please contact TIAA.
The Teacher Insurance and Annuity Association (TIAA) is the sole provider of recordkeeping services for the Retirement Plan accounts.
To help you with your questions about saving for retirement, TIAA provides free financial counseling. 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 the meeting.
Schedule a Counseling Appointment:
TIAA - https://www.tiaa.org/public/tcm/uchicago/home - 800.842.2252
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.