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BENEFITS

Faculty and Administrative Retirement Plan Frequently Asked Questions

Which employees are eligible?

Faculty members with a rank of instructor or above and Officers of Staff or Faculty the administration has defined by the official University list.

 

When can I enroll?

(see Enrollment in Faculty Retirement Plan section of the Faculty and Administrative Retirement Plan)

 

How much does the University contribute?

(see Plan Contributions section of the Faculty and Administrative Retirement Plan)

 

Who are the retirement fund sponsors?

Fidelity and Teachers Insurance Annuity Association (see APPENDIX A of the Faculty and Administrative Retirement Plan for more information).

 

Am I required to make contributions?

You are required to make contributions if your annual salary is more than $80,000 (see Plan Contributions section of the Faculty and Administrative Retirement Plan for more information).

You are not required to make contributions if your annual salary is less than $80,000.

 

When can I get my money out?

(see the Benefits Payable section of the Faculty and Administrative Retirement Plan)

 

Can I roll over funds from my previous employer?

No.

 

When can I switch from one Retirement Company to another?

You can switch retirement companies once per year.

 

When can I change my fund allocations?

You can change the allocation of your portfolio as often as you like. Each company has an online service for you to access. If you do not have access to the web sites, you may contact the company and they will send you a form to change your allocation.

 

Must I name my spouse as my beneficiary?

Yes, for at least 50% of the account balance (see the Spouse's Rights section of the staff retirement plan).

 

When are the funds vested?

Funds are vested when the account is opened.

 

Will the University make back payments if I forget sign up when I become eligible?

No.

 

Can I borrow against my account?

No.

 

 
 

BENEFITS

 

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