Applicant New Employee Staff Faculty Supervisor PostDoc FormerEmployee
 

BENEFITS

Staff Retirement Plan

Table of Contents

Establishment of Plan
Eligibility
Participation
Normal Retirement Date
Contributions
Enrollment in Plan
Fund Sponsors and Funding Vehicles
Benefits Payable
Qualified Military Service
Death Benefits
Spouses’ Rights
Plan Year
Plan Administrator
Application for Benefits
Direct Rollover Option
No Assignment or Alienation
Requests for Information and Other Claims Procedures
Amendment and Termination
Reclassification of Employment Status
Statement of ERISA Rights

Appendices: A, B, C


I. ESTABLISHMENT OF PLAN

This booklet sets forth the provisions of the Tulane University Staff Retirement Plan established by the Board of Administrators of the Tulane Educational Fund for employees of Tulane University, herein referred to as the University, and as of January 1, 1969, revised and amended as of July 1, 2002. This booklet also represents a summary plan description of the retirement plan.  Contributions under this defined contribution (money purchase) plan are applied, at the direction of each participant, to annuities and/or to the purchase of shares of participation units in one or more investment fund options.  The annuities and investment fund options that are available to participants under the plan shall be referred to hereafter as “funding vehicles”, and the companies sponsoring such funding vehicles shall be referred to as “fund sponsors.”

 

II. ELIGIBILITY

Subject to the conditions stated in Section III, all employees are eligible to participate in this Staff Retirement Plan except medical residents, those employees whose employment is incidental to their educational program at the University and those who are eligible for participation in the Faculty and Administrative Retirement Plan (Plan Number 001).

This summary describes the plan for eligible employees as defined in the Section.  A separate plan and summary apply to employees eligible for the Faculty and Administrative Retirement Plan.

 

III. PARTICIPATION

Subject to the conditions stated in Sections V and VI, all eligible employees will begin participation in this retirement plan on the first day of the next payroll period after completing two (2) years of service at the University.  (See Appendix B for rules on how to calculate “Years of Service”.)

 

IV. NORMALRETIREMENT DATE

The plan’s normal retirement date is the June 30 coinciding with or next following the day on which age 65 is attained.

 

V. PLAN CONTRIBUTIONS

Contributions under this retirement plan, referred to as “Plan Contributions”, will be made monthly during each plan year in which the participant completes 975 or more hours of service (as defined in Appendix B), in accordance with the following provisions:

Plan Contributions as a Percent of Regular Salary
By the Participant
By the University
Total
Before July 1, 1998
0%
7%
7%
July 1, 1998 - June 30, 1999
0%
7.5%
7.5%
July 1, 1999 - June 30, 2003
0%
7.75%
7.75%
On and after July 1, 2003
0%
8%
8%

Regular Salary shall mean only the employee’s basic earnings (base salary), exclusive of overtime, bonuses and other forms of additional compensation.  Regular salary shall be determined before any reduction under the Tulane Tax-Deferral Plan or the University’s flexible spending or pre-tax premium plans.

Plan Contributions shall be forwarded monthly to the fund sponsor of the funding vehicle(s) selected by a participant and may be allocated by the participant to one or more funding vehicles in whole percentages. Additional restrictions on upgrading initial selections of a fund sponsor and funding vehicles and changes in that selection are explained in Section VII, (Fund Sponsors and Funding Vehicles) 

No Plan contributions shall be made for any month or payroll period before the participant begins participation under Section III.  In addition, no Plan Contributions shall be made for any plan year in which a participant completes fewer than 975 hours of service (as defined in Appendix B).  Plan Contributions for a participant will commence for each plan year when the University has determined that the participant has met or will meet this 975-hour requirement.  Any part of a year’s Plan Contributions not contributed prior to such determination will be included in contributions made for that year after such determination.  Earnings which would have accrued to the participant’s funding vehicle(s) had the determination been made at the beginning of the Plan Year will be contributed by the University.

No Plan Contributions shall be made on salary in excess of $200,000 for any plan year (or such other amount as may be in effect from time to time under section 401(a)(17) of the Internal Revenue Code, after taking into account inflation adjustments).

During a leave of absence, Plan Contributions will continue to a participant’s designated funding vehicle(s) on the basis of salary then being paid by the University.

No Plan Contribution shall be made for any month in which no salary is paid.

Notwithstanding the preceding two paragraphs, Plan Contributions may continue for a totally disabled participant to the extent provided in the University’s total disability plan.

No Plan Contribution shall be made for a year for any participant in excess of $40,000 (or such other limit as may apply to the participant under section 415(c) of the Internal Revenue Code), reduced by the amount of any contributions made for the participant,  (1) by another tax-exempt employer under a plan described in section 403(b) of the Internal Revenue Code or (2) by the participant, or by an employer controlled by the participant, under a plan described in section 401 (a) or section 408(k) of the Internal Revenue Code.  It shall be their responsibility of the participant to limit the contributions under non-Tulane plans so that they will not cause Plan Contributions to exceed the foregoing limit.  In the event any Plan Contributions are determined by the Internal Revenue Service to be in excess of the foregoing limit, or are treated by the participant on an original or amended federal income tax return as taxable because they exceed the foregoing limit, and satisfactory evidence of these facts is provided to the Administrator, the Administrator may request the applicable fund sponsor to distribute such excess Plan Contributions, adjusted for income, gains, losses or expenses attributable to such excess Plan Contributions, to the participant to the extent permitted by law. Alternatively, the Administrator may request the applicable fund sponsor to transfer the excess Plan Contributions, and earnings attributable to them, to an after-tax account so that the excess Plan Contributions will be accounted for and reported as previously taxed contributions.

Plan Contributions shall be paid to the fund sponsor(s) with such frequency as the University shall determine, but in any event no less frequently than annually and no later than December 15 following the close of the plan year.

Subject to the terms of the funding vehicles, an eligible employee may make a rollover contribution to a funding vehicle under the Plan, or may make a plan-to-plan transfer from another employer’s retirement plan described in Section 403(b) of the Internal Revenue Code, upon demonstration to the Administrator that the contribution or transfer satisfies the applicable provisions of the Internal Revenue Code.

VI. ENROLLMENT IN PLAN

To participate in this Retirement Plan, an eligible employee must complete and return to the University the appropriate enrollment form(s) for the fund sponsor(s) and funding vehicle(s) selected.   Participation in this plan will begin as described in Section III or, of later, on the first day of the next payroll period following receipt of the appropriate enrollment forms.

The benefits provided by each funding vehicle and the provisions governing such benefits are described in the funding vehicles publications, which are listed in Appendix A. All benefits under this Plan are fully and immediately vested, fully funded, and provided solely through the funding vehicles selected by participants; therefore, benefits are not subject to, nor covered by, federal plan termination insurance.

VII. FUND SPONSORS AND FUNDING VEHICLES

Plan Contributions shall be invested in one or more of the funding vehicles of the fund sponsors available to participants under this retirement plan. The fund sponsors are listed in Appendix A.

Plan Contributions shall be submitted by the University directly to the fund sponsor of the funding vehicle(s) selected by a participant, in accordance with procedures established by the University. A participant is only allowed to select one fund sponsor per calendar year.  However, at any time, a participant may change his or her allocation of future Plan Contributions among funding vehicles provided by that sponsor and, subject to a funding vehicle's rules for transfers and minimum/maximum amount requirements, may specify that all or part of his or her accumulation in one funding vehicle be transferred to other funding vehicle(s) of the fund sponsor, except that accumulations in TIAA Retirement Annuities may only be transferred to CREF in ten payments over a nine year period.

Subject to a funding vehicle's rules for transfers and minimum/maximum amount requirements, a participant may specify that all or part of his or her accumulation in one funding vehicle be transferred to funding vehicle(s) of another fund sponsor except that accumulations in TIAA Retirement Annuities may only be transferred to alternative funding vehicles in ten payments over a nine year period. Any transfer of funds between TIAA?]CREF and another fund sponsor will be executed only upon written consent of an authorized representative of the University.

For a participant whose employment with the University has terminated, this Plan's transferability rules will continue to govern funds accumulated under the plan, unless such funds are transferred to another employer's retirement plan.

This Plan is intended to constitute a plan described in section 404(c) of the Employee Retirement Income Security Act of 1974 and Department of Labor Regulations section 2550.404-1 with respect to contributions invested at the direction of the participant.  No person, including the University, the Administrator or any fund sponsor, shall be liable for any loss or for any breach of fiduciary duty, which is the direct and necessary result of investment instructions given by a participant.

 

VIII. BENEFITS PAYABLE

No benefits shall be payable under this plan prior to the participant’s retirement or other severance from employment or, after May 16, 1996, the participant’s attainment of age 59 ½ (whether or not the participant has retired or had a severance from employment).

Upon retirement at any age, of after attaining age 59 ½, but subject to the funding vehicle’s rules for withdrawal, a participant may receive benefits in a single sum or under any of the income options set forth in the contracts between the fund sponsors and participants and/or the University. However, the University may, in its complete discretion, delay the distribution of any benefit payable under the Plan for up to thirty days.

Married participants should refer to Section XI (Spouse's Rights) and to Section XIV (Application for Benefits) before electing a benefit option.

The Retirement Transition Benefit option permits a TIAA-CREF participant to receive a single sum payment of up to 10% of his or her Retirement Annuity accumulation(s) then being converted to annuity payments.

In no event will the payment of benefits to any participant begin later than April 1 following the calendar year in which the participant attains age 70 1/2 or retires, whichever occurs later. However, for participants attaining age 70 1/2 between January 1, 1988 and December 31, 1995, inclusive, benefits were required to begin no later than April 1 following the calendar year in which the participant attained age 70 1/2, even if the participant had not retired. Benefits paid on or after the applicable April 1 will be made in at least the minimum amounts required by the Internal Revenue Code.


If you die before the distribution of benefits has begun, your entire interest must normally be distributed by December 31 of the fifth calendar year after your death. Under a special rule, death benefits may be payable over the life or life expectancy of a designated beneficiary if the distribution of benefits begins not later than December 31 of the calendar year immediately following the calendar year of your death. If the designated beneficiary is your spouse, the commencement of benefits may be deferred until December 31 of the calendar year that you would have attained age 70 ½ had you continued to live.

The payment of benefits according to the above rules is extremely important. Federal tax law imposes a 50 percent excise tax on the difference between the amount of benefits required by law to be distributed and the amount actually distributed if it is less than the required minimum amount. 
 

IX. QUALIFIED MILITARY SERVICE

Notwithstanding any provision of this plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with section 414(u) of the Internal Revenue Code.

 

X. DEATH BENEFITS

In the event a participant dies prior to commencement of retirement benefit payments, the full current value of the accumulation account(s), inclusive of the portion attributable to Plan Contributions made by the University, is then payable to the beneficiary or beneficiaries named by the participant, in a single sum or under one of the options set forth in the contracts between the funding vehicles and the participant and/or the University. For married participants the surviving spouse will be entitled to receive death benefits as set forth in Section XI.

Death benefits shall be paid in full within five years after the participant's death, or will be paid over the life of the beneficiary (or over a period not extending beyond the beneficiary's life expectancy) commencing no later than one year after the participant's death or such later time as may be permitted by the Internal Revenue Code.

In the event a participant dies after commencement of retirement benefit payments, but before the full value of the accumulation account(s) has been distributed, the remaining portion of the participant's accumulation account(s) will be distributed at least as rapidly as under the method of distribution being used as of the date of the participant's death.

 

XI. SPOUSES' RIGHTS

Benefits maybe paid for married participants in the Plan only as described below, unless a written waiver of the benefit by the participant and written consent to the waiver by the spouse are filed with the fund sponsor(s) as described in Section XIV. This provision applies to Benefits Payable (Section VIII) and Death Benefits (Section X).

Under this Plan, a participant terminating employment who requests a single sum benefit or a fixed number of installments, must furnish the spouse's written consent, as described below, together with an acknowledgment that the single sum benefit, or installments are in satisfaction of all rights to a retirement or death benefit, at the time application is made.

Unless the participant elects (with the spouse's consent) a single sum benefit or a fixed number of installments, the participant's spouse shall receive, at the participant's death, an annuity income that is at least 50% of the annuity income payable during the joint lives of the participant and his or her spouse; this is called a joint and survivor annuity.  If the participant dies prior to the start of the annuity income, the surviving spouse shall receive a benefit that is at least50% of the full current value of the participants accumulations account(s), payable in a single sum or under one of the income options offered by the funding vehicle(s); this is called a pre-retirement survivor death benefit.

A married participant may waive the joint and survivor annuity or the pre-retirement survivor death benefit and elect a single sum benefit or a fixed number of installments, or designate a beneficiary other than the participant's spouse, only if the participant's spouse consents to the election in the manner described below. In connection to this waiver and consent, the Administrator of the plan will provide, within a reasonable period of time before the commencement of benefits or as otherwise permitted by the Internal Revenue Code, a written explanation of the terms and conditions of the joint and survivor annuity or the pre-retirement survivor death benefit, as well as the participant's right to waive such a form of benefit and the spouse's right to consent to such a waiver, and the right (and the time in which) to revoke such a Waiver.

The spouse's written consent to the participant's written waiver must acknowledge the effect of the waiver and be witnessed by a plan representative or a notary public, and must designate a beneficiary (or a form of benefits) which may not be changed without spousal consent (or the written waiver expressly allows the participant to change the designated beneficiary without further consent by the spouse). Spousal consent will be effective only with respect to that spouse, but shall be irrevocable once made. However, the Administrator of this plan may waive the spousal consent requirement if it determines that such consent may not be obtained because there is no spouse, or because the spouse cannot be located, or because of other similar circumstances which may be prescribed in regulations published by the Secretary of the Treasury.

For the post-retirement survivor benefit (joint and survivor annuity) the participant’s waiver and the spouse’s consent may only be made during the 90 days prior to commencement of benefits.  This waiver may also be revoked during the same period. It may not be revoked after the benefits commence.

The period during which participants and their spouses may elect to waive the pre-retirement survivor death benefit begins on the first day of the plan year in which the participant attains age 35 and continues until the earlier of the participant's death or the date the participant starts receiving income benefits. In the event that the participant dies before attaining age 35, i.e., before the participant has had the option to make a waiver, at least 50% of the full current value of the accumulation account(s) is payable automatically to the surviving spouse in a single sum or under one of the income options offered by the funding vehicle(s).

If the participant terminates employment before age 35, the waiver provisions are available. The waiver may also be revoked during the same period.

 

XII. PLAN YEAR

The “plan year" is July 1 through June 30 of each calendar year. Plan records for each participant under this retirement plan are maintained on the calendar year basis. Each fund sponsor will send each participant a report summarizing the status of his or her accumulation account(s) at least as frequently as once per calendar year. Similar reports or illustrations may be obtained by a participant upon termination of employment or at any other time by writing directly to the fund sponsor.

 

XIII. PLAN ADMINISTRATOR

The Vice President for Human Resources, Tulane University, New Orleans, Louisiana 70118, (504) 865-5280, is the Administrator of this Plan and is responsible for enrolling participants, sending Plan Contributions to the selected fund sponsors, and performing other duties required for the operation of the plan.  The Administrator may designate in writing other persons to carry out duties under the Plan. Any interpretation of the Plan or determination with respect to the Plan by the Administrator or his or her delegate shall be final and conclusive on all persons in the absence of clear and convincing evidence that the Administrator or the delegate acted arbitrarily and capriciously.

 

XIV. APPLICATION FOR BENEFITS

Participants can initiate procedures for receipt of retirement benefits by contacting the Human Resources Services Department of the University or the appropriate fund sponsor.

Benefits will be payable by the fund sponsor(s) upon receipt of a satisfactorily completed application for benefits and supporting documents, including any waiver of spousal rights to retirement benefits, death benefits, single sum payments or installments as may be required by Section XI (Spouse’s Rights).  The necessary forms will be provided to the participant or beneficiary by the Human Resources Department.

 

XV. DIRECT ROLLOVER OPTION

If any participant or former participant, any surviving spouse of an participant or former participant, or any spouse or former spouse who is an alternate payee under a qualified domestic relations order is entitled to receive an eligible rollover distribution under this Plan, that individual may elect, at the time and in the manner prescribed by the Administrator, to have any portion of the distribution paid directly to an eligible retirement plan specified by the individual in a direct rollover.

An "eligible rollover distribution" is any distribution of all or any portion of the balance to the credit of the individual, except that an eligible rollover distribution does not include (a) any distribution that is one in a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the individual or the joint lives (or joint life expectancies) of the individual and his or her designated beneficiary, or for a specified period of ten years or more, (b) any distribution to the extent it is required under the last paragraph of Section VIII above, (c) any amount that is distributed on account of hardship, and (d) except as permitted by the Internal Revenue Code, the portion of the distribution that is not included in gross income.

An "eligible retirement plan" is an individual retirement account described in section 408(a) of the Internal Revenue Code, an individual retirement annuity described in section 408(b) of the Code, an annuity contract described in section 403(b)(1) of the Code, a qualified plan described in section 401 (a) or 403(a) of the Code, or an eligible plan under section 457 (b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this plan if that account, annuity or plan accepts the eligible rollover distribution.

 

XVI. NO ASSIGNMENT OR ALIENATION

Benefits under the Plan may not be assigned or alienated. However, to the extent provided by a qualified domestic relations order (within the meaning of section 414(p) of the Internal Revenue Code), and consistent with the terms of the funding vehicles, benefits may be paid to an alternate payee from a funding vehicle, or a new account may be established in favor of an alternate payee from a funding vehicle, or a new account may be established in favor of an alternate payee by the fund sponsor, even if the participant in not otherwise entitled to benefits at the time of such payment or establishment.  Also, the benefits paid to a participant from a funding vehicle may be offset by an amount the participant is ordered or required to pay to the plan if the order or requirement to pay arises under a judgment of conviction for a crime involving the Plan, or under a civil judgment entered by a court (or pursuant to a settlement agreement between the U.S. Secretary of Labor and the participant) in connection with a violation of Part 4 of Subtitle B of Title I of ERISA.  The Administrator shall adopt procedures to determine the qualified status of domestic relations orders and to administer distributions under such orders, and to administer any offset of payments pursuant to a judgment, order, decree or settlement.

 

XVII. REQUESTS FOR INFORMATION AND OTHER CLAIMS PROCEDURES

Except as provided in the last three paragraphs of this Section XVII, requests for information, and claims or services of legal process concerning eligibility, participation, contributions, or other aspects of the operation of the Plan should be in writing and directed to the Administrator of this Plan. If a written request or claim is denied, the Administrator shall, within 90 days of the request or claim, provide a written denial to the participant. The written notice of denial will include the specific reasons for denial, the provisions of the Plan upon which the denial is based, a description of any material needed to complete the claim (if appropriate) and why it is necessary, and instructions on how to apply for a review of the claim. The notification will also state that the claimant is entitled (i) to review or request (free of charge) copies of all documents, records and other information relevant to the claim and (ii) to bring a civil action in court following an adverse benefit determination on review.  When the Administrator requires additional time to process a claim because of special circumstances, an extension may be obtained for up to an additional 90 days by notifying the participant that a decision on the claim will be delayed, what circumstances have caused the delay and when a decision can be expected. The Administrator will inform the participant of the delay within 90 days of the date the claim was submitted.

A participant may request in writing a review of a denied claim and may review pertinent documents and submit issues and comments in writing to the Administrator. The Administrator shall provide in writing to the participant a decision upon such request for review of a denied claim within 60 days of receipt of the request. When special circumstances require an extension, the Administrator may obtain such extension for up to an additional 60 days by notifying the participant that the decision on the review of the denied claim will be delayed, why and when a decision can be expected. The Administrator will inform the participant of the delay within 60 days of the request for review.  If an appeal is denied, the denial will be written in a manner calculated to be understood by the participant and will contain specific reasons for the decision as well as specific references to pertinent provisions of the plan. The notification will also state that the claimant is entitled (i) to review or request (free of charge) copies of all documents, records and other information relevant to the claim and (ii) to bring a civil action in court. 

Requests for information concerning the funding vehicle contracts and their terms, conditions and interpretations thereof, claims thereunder, any requests for review of such claims, and service of legal process may be directed in writing to the appropriate fund sponsor at the address listed in Appendix A. If a written request is denied, the fund sponsor shall within 90 days of the request provide a written denial to the participant. It will include the specific reasons for denial, the provisions of the contracts on which the denial is based, and how to apply for a review of the denied claim. Where appropriate, it will also include a description of any material which is needed to complete or perfect a claim and why such material is necessary.  The notification will also state that the claimant is entitled (i) to review or request (free of charge) copies of all documents, records and other information relevant to the claim and (ii) to bring a civil action in court. 

A participant may request in writing a review of a claim denied by the fund sponsor and may review pertinent documents and submit issues and comments in writing to the fund sponsor. The fund sponsor shall provide in writing to the participant a decision upon such request for review of a denied claim within 60 days of receipt of the request.  That decision will be written in a manner calculated to be understood by the participant and will contain specific reasons for the decision as well as specific references to pertinent provisions of the plan. The decision will also state that the claimant is entitled (i) to review or request (free of charge) copies of all documents, records and other information relevant to the claim and (ii) to bring a civil action in court. 

If special circumstances require a delay on the initial decision on a claim or a review of a denied claim, the fund sponsor will notify the participant within 90 days of the date the claim was initially submitted or within 60 days of the date a review was requested. The notice will explain the reasons for the delay and when a decision can be expected.  In this Section XVII, the words "written" or "in writing" include electronic or other paperless media approved by the Administrator.

 

XVIII. AMENDMENT AND TERMINATION

While it is expected that this retirement plan will continue indefinitely, the Board of Administrators of the Tulane Educational Fund reserves the right to modify or discontinue the Plan at any time. The Board may also delegate any of its powers and duties with respect to the Plan, or amendments, to one or more officers or other employees of the University. Any such delegation shall be set forth in writing. Any discontinuance or modification of the Plan cannot adversely affect the benefits accrued by participants prior to the date of discontinuance or modification, except as permitted by law.

 

XIX. RECLASSIFICATOIN OF EMPLOYMENT STATUS

An individual who is not characterized or treated by the University as a common law employee of the University will not be eligible to participate in the plan. However, in the event that such an individual is reclassified as a common law employee of the University, contributions will be made on the individual's behalf on and after the date on which such reclassification occurs (to the extent such individual otherwise qualifies as a participant and is eligible for contributions under the Plan). If the effective date of any such reclassification is prior to the actual date on which such reclassification occurs, in no event will contributions be made retroactively to the effective date of the reclassification.

XX. STATEMENT OF ERISA RIGHTS

Participants in the retirement plan are entitled to certain rights and protection under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan participants shall be entitled to:

(1) Examine, without charge, at the Plan Administrator's office, all Plan documents and copies of all documents filed by the Plan with the U.S. Department of Labor, such as detailed annual reports and Plan descriptions.

(2) Obtain copies of all Plan documents and other Plan information, including the latest annual report and updated summary plan description, upon written request to the Plan Administrator. The Administrator may make a reasonable charge for the copies.

(3) Receive a summary of the Plan's annual ERISA report to the Department of Labor. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report.

(4) Obtain a statement advising the participant of the amount of funds accumulated to provide benefits at normal retirement age if participation under the Plan stops now. Fund sponsors will send participants reports summarizing the status of their accumulation account(s) at least as frequently as once each year.

In addition to creating rights for Plan participants, ERISA imposes duties on the people who are responsible for the operation of this retirement plan. The people who operate this Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other plan participants and beneficiaries. No one, including the employer, may discharge or otherwise discriminate against participants in any way to prevent them from obtaining benefits to which they are entitled under the Plan or exercising their rights under ERISA. If an application for benefits under the Plan is denied in whole or in part, the participant or beneficiary must receive a written explanation of the reasons for the denial. 

Participants have the right to have the Plan Administrator review and reconsider denied claims on eligibility, participation, contributions or certain other aspects of the operation of the Plan and to have the fund sponsor review and reconsider denied claims for benefits from their funding vehicles. Under ERISA, participants may take steps to enforce these rights. For example, if a participant requests materials from the Plan and does not receive them within 30 days, he or she may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay the participant up to $110 a day until he or she receives the materials, unless the materials were not sent due to reasons beyond the control of the Administrator. If a claim for benefits is denied or ignored, in whole or in part, the participant may file suit in a state or federal court. If the Plan Administrator’s responsibility to compute and remit contributions is not discharged according to the terms of this Plan or if a participant is discriminated against for asserting ERISA rights, he or she may seek assistance from the U.S. Department of Labor, or may file suit in a federal court. In addition, if a participant disagrees with the Plan’s decision or lack thereof concerning the qualified status of a domestic relation order, he or she may file suit in a federal court.  The court will decide who should pay court costs and legal fees. If the participant is successful, the court may order the person sued to pay these court costs and fees. If the participant loses, the court may order him or her to pay these costs and fees, for example, if it finds the claim is frivolous. Contact the Plan Administrator if you have any questions about this Plan. If a participant has any questions about this statement or about rights under ERISA he or she should contact the nearest Area Office of the U.S. Labor­ Management Services Administration, Department of Labor.

Employer Identification Number 72-0423889

Plan Number 003

 

Appendix A

FUND SPONSOR:

TIAA-CREF
730 Third Avenue
New York, New York 10017

Publications:Your Retirement Annuity
Supplemental Retirement
Group Supplemental Retirement Annuities
Building Your Portfolio

Funding Vehicle and Descriptive Objective: Note: There is no guarantee that any funding vehicle will attain its stated objective.

TIAA Traditional Annuity

A guaranteed annuity backed by TIAA’s claims-paying ability. TIAA Traditional guarantees your principal and a 3% minimum interest rate, plus it offers additional growth opportunity through dividends, which TIAA has declared every year since 1948. Dividends, when declared, remain in effect for the “dividend year” which begins each March 1.

CREF Stock Account

A variable annuity account that invests in a broadly diversified range of US and foreign stocks using a variety of investment techniques.  A portion of the portfolio uses enhanced indexing to reflect the overall U.S. stock market. The remainder is actively managed, divided fairly equally between U.S. and foreign stocks.

CREF Global Equities Account

A variable annuity account that invests at least 40% of its assets in foreign securities and at least 25% in US securities.  The portfolio combines individual stock selection with enhanced indexing designed to reflect a broadly based index of U.S. and foreign stocks.

CREF Growth Account

A variable annuity account that combines individual stock selection with enhanced indexing. The stock selection component of the account invests in individually selected stocks we believe are poised for superior growth in light of economic and market conditions. A second portfolio component uses enhanced indexing to reflect a broadly based index of U.S. growth stocks.

CREF Equity Index Account

A variable annuity account that is designed to track the overall market for common stocks traded in the US.  The account uses indexing to reflect the returns of the Russell 3000, a broadly based index of US common stocks. 

CREF Social Choice Account

A variable annuity account that invests in stocks, bonds and money market instruments that pass two kinds of social screens. First, the portfolio excludes certain companies based on revenues derived from alcohol, tobacco, gambling, weapons production, or nuclear power. The remaining companies are then evaluated and selected based on additional criteria, such as respect for the environment, diversity, charitable giving, fair labor and governance practices, quality products, and leadership in research and development. The account also invests in government securities.

CREF Bond Market Account

A variable annuity account that holds primarily high and medium quality bonds of many different companies and government agencies – all with varying maturities.  The bonds are often actively bought and sold rather than held to maturity

CREF Money Market Account

A variable annuity account that invests in securities and other instruments that will mature in the near future and therefore tend to reflect changes in current interest rates.  The account is neither insured nor guaranteed by the FDIC or any other U.S. government agency. It seeks to realize high current income consistent with maintaining liquidity and the preservation of capital.

CREF Inflation Linked Bond Account

A variable annuity account that seeks a long-term rate of return that will outpace inflation.  It focuses on US Treasury Inflation-Indexed Securities and similar bonds whose principal or interest is adjusted to track the inflation rate.  Its fixed income securities are designed to track a specified inflation index over the life of the bond.

TIAA Real Estate Account

A variable annuity account that is targeted to invest 70% to 95% of its assets in income producing properties, such as office buildings, retail centers, and residential complexes, as well as in real estate based securities.  The remainder is held in liquid assets such as money market instruments.  (Real estate has specific risks, including fluctuations in property value, higher expenses or lower income than expected, and environmental problems and liability). It seeks favorable long-term returns through rental income and the appreciation of real estate investments owned by the Account.

TIAA-CREF Real Estate Securities

This mutual fund seeks favorable returns through capital appreciation and current income by investing in equity and fixed-income real estate securities. Portfolio companies must derive at least 50% of their assets or revenues from real estate ownership, construction, financing, brokerage, or related products and services.

Equity real estate investment trusts (REITs) and fixed-income mortgage REITs make up a significant percentage of the portfolio. Up to 10% of the fund may be invested overseas and up to 20% in non-real estate-related securities, but there are no direct real estate investments.

TIAA-CREF Growth & Income

This mutual fund invests in larger, well-established, mature growth companies which we believe show the potential to grow faster than the rest of the market, have attractively valued stock prices, and offer a growing stream of dividend income. At least 80% of the fund’s assets are in income-producing equity securities. The fund may also invest in steadily growing smaller companies and some foreign companies.

TIAA-CREF S&P 500 Index

This mutual fund seeks a favorable long-term return, mainly through capital appreciation. It is designed to track, as closely as possible, the returns of the S&P 500 Index, which measures the stock performance of 500 of the largest U.S. companies.

TIAA-CREF Social Choice Equity

This mutual fund invests in stocks primarily from companies in the Russell 3000 Stock index that pass two kinds of social screens. First, the portfolio excludes certain companies based on revenues derived from alcohol, tobacco, gambling, weapons production, or nuclear power. The remaining companies are then evaluated and selected based on additional criteria, such as governance practices, quality products, and leadership in research and development.

TIAA-CREF Large-Cap Value

This mutual fund seeks a favorable long-term return, mainly through capital appreciation, from a portfolio invested mostly in the stocks of large domestic companies that appear undervalued based on our evaluation of their potential worth.

TIAA-CREF Mid-Cap Value

This mutual fund seeks a favorable long-term return, mainly through capital appreciation from a portfolio invested mostly in the stocks of medium-sized domestic companies that appear undervalued based on our evaluation of their potential worth.

TIAA-CREF Mid-Cap Growth

This mutual fund seeks a favorable long-term return, mainly through capital appreciation, from a portfolio focusing on the stocks of medium-sized domestic companies we believe may outpace the market as a whole.

TIAA-CREF Small-Cap Equity

This mutual fund seeks a favorable long-term return, mainly through capital appreciation, by investing in a broad range of stocks issued by smaller companies. The fund seeks to slightly outperform the Russell 2000 Index, an index of stocks issued by smaller-capitalization U.S. companies, while also managing the relative risk of the fund to keep it from varying too greatly from the benchmark.

TIAA-CREF International Equity

This mutual fund seeks favorable long-term returns, through capital appreciation from a broadly diversified portfolio primarily consisting of foreign securities. About 80 percent of the fund’s assets are invested in the securities of issuers in at least three different countries and/or regions based on an assessment of their potential economic growth, as well as the sales and earnings outlook for the companies whose stocks it buys.

FUND SPONSOR:

Fidelity Investments
The Fidelity Building
82 Devonshire Street
Boston, Massachusetts 02109

Publications: Fidelity Investments 403(b)(7) Plan

Funding Vehicle and Descriptive Objective: Note: There is no guarantee that any funding vehicle will attain its stated objective.

FIDELITY Money Market Funds

To provide a variable rate of current income with no principal fluctuation by investing in money market instruments with low risk.

FIDELITY Income Funds

To provide current income from fixed rate securities, which may offer potential capital growth by investing in bonds with moderate to high risk depending on interest rate trends.

FIDELITY Growth & Income Funds

To provide current income and potential long-term growth of capital by investing in common stock, preferred stock and bonds which have a moderate to high risk.

FIDELITY Asset Allocation Funds

To provide a high total return along with reduced risk over the long?]term by investing in equities, bonds, and short-term fixed income instruments.

FIDELITY Value Funds

To provide long-term growth of capital by investing in companies which it determines to be under priced by fundamental measures.  Assuming that a company’s share price will not remain undervalued indefinitely, the funds look to make money by buying before the expected upturn.  Value funds tend to focus on safety rather than growth, and often choose investments providing dividends as well as capital appreciation. 

FIDELITY Growth Funds

To provide long?]term growth of capital by investing in common stock with a high to very high risk level depending on the financial condition of the stock's issuer.

FIDELITY International Funds

International funds strive for long-term growth by investing in securities issued by businesses and governments whose primary trading markets are outside the U.S. Foreign investments, especially those in emerging markets, involve greater risks and may offer greater potential returns than U.S. investments. These risks include political and economic uncertainties of foreign countries and currency fluctuations.

 

APPENDIX B: Definitions

Date of Employment or Re-employment.  For the purpose of this plan, the date of employment or re-employment shall be the first day upon which an hour of service is performed. 

Years of Service.  For the purposes of the participation requirements, the term “years of service” shall mean a twelve –month period starting with the employee’s date of employment (or anniversary date of such employment) during which the employee has completed 975 or more hours of service.  In any person does not complete the required hours of service as set forth by the first anniversary date of employment, the hours completed do not count toward establishing a year of service, and a “new start” must be made toward meeting the hours rest during the second year of employment.  Participation in the plan begins only when two (2) years of service have been completed, and only if the employee is then eligible to participate under Section II.

Hours of Service.  For the purposes of this plan, an “hour of service” shall mean each hour:  (1) for which an employee is paid or entitled to payment by the University for the performance of his or her duties with the University, including hours for which back pay has been awarded or agreed to by the University, provided that no additional hours of service shall be credited as a result of an award of back pay if the employee has already received credit for those hours; and (2) for which an eligible employee is paid or entitled to payment for reasons other than for performance of duties during the applicable period, due to vacation, holiday, illness, incapacity (including disability, layoff, jury duty, military duty or leave of absence including paid maternity leave, but excluding any such hours for which payment made due under a plan maintained solely for the purpose of complying with Worker’s Compensation, unemployment compensation or disability insurance laws.  In no event, however, will an “hour of service” include hours for which an eligible employee is paid or entitled to payment for reasons other the performance of duties in excess of 501 such hours in a continuous period of such hours, or in excess of the regularly scheduled hours for the performance of duties determined on the basis of (1) or (2) below:

(1)  For eligible employees whose compensation is based upon an hourly rate:

(a)  if the payment for a period of time not involving performance of duties is made for a specific unit of time, the number of hours regularly scheduled for performance of duties for such unit of time will be credited. If a specific number of hours not regularly scheduled for specific units of time hours per day and 40 hours per week as applied to such unit of time; or

(b) if the payment for a period of time not involving performance of duties is determined on a basis other than a specific unit of time, credited hours will be determined by dividing the payment by the eligible employee’s most recent hourly rate of compensation.

(2)  For eligible employees whose compensation is based on a rate for units of time other than an hour:   

(a)if payment for a period of time not involving performance of duties is made for a specific unit of time, the number of hours credited will be the number of hours regularly scheduled for performance of duties for such unit of time.  If a specific number of hours is not regularly scheduled for specific units of time for an employee, the determination will be based upon 8 hours per day applied to such unit of time.

(b) if the payment for a period of time not involving performance of duties is determined on a basis other than a specific unit of time, credited hours will be determined by dividing the payment by the eligible employee’s hourly rate determined in the following manner. If the employee has a regularly scheduled number of hours for the unit of time upon which compensation is based, the employee’s most recent rate of compensation for such unit of time id divided by the number of hours so scheduled.  If the employee has not regularly scheduled number of hours, hours are determined on the basis of 8 hours per day.

Following are examples for determining years of service. The examples illustrate that plan participation is required when two (2) “years of service” have been completed without a break in service.

Consecutive 12-month periods starting on date of employment
Hours of Service Completed by Employee
A
B
C
1st
975
975
750
2nd
975
750
975
3rd
975
975
450
4th
975
975
975
5th
975
975
975
6th
750
975
975
7th
975
975
975
8th
500
975
975
10th
975
975
700
Participation begins at the start of
3rd year
4th year
6th year

 

EXAMPLE A – Eligible employee A completes one year of service (975 hours) in each of the first two consecutive years and begin participation at the start of the third year of employment.

EXAMPLE B – Eligible employee B completes the two years of service required for participation after the fourth year.  The second year does not count toward the requirement because it is not a year of service (less than 975 hours of service). 

EXAMPLE C – For eligible employee C, the first year of employment is not a year of service (less than 975 hours).  In the third year there is a “break in service” (500 hours or less) and it is necessary to begin again to count the “years of service” to meet the requirements for participation.  Therefore, C completes the requirement with the fourth and fifth years, and begins participation at the start of the sixth year of employment.


APPENDIX C: Repurchase

(Applicable to TIAA Retirement Annuity Participants Only.)

In the event a participant in this retirement plan terminates employment for a reasons other than retirement of disability and requests that TIAA repurchase his or her TIAA Retirement Annuity, the University will approve such repurchase if the participant meets the conditions stated in either (1) or (2) below.

(1) The oldest contract was issued before January 1, 1992, the participant in not employed by or moving to another institution having TIAA-CREF retirement plan for which he or she will be eligible, none of the contracts are more than five years old or their total value is no more than $2000, and the participant is not receiving TIAA-CREF annuity income payments.

(2) The oldest TIAA annuity was issued after January 1, 1992, the value of all regular TIAA annuities is less than $2,000 and the participant is not receiving or transferring money from TIAA over a 10-year period.

Upon repurchase the entire amount accumulated in the Retirement Annuities will be payable by TIAA-CREF to the participant.  Amounts paid to the participant upon repurchase shall be in full satisfaction of the participant’s and his or her spouse’s rights to retirement and/or death benefits attributable to such amounts repurchased.

One exception exists to the above rules:  Up to 501 hours of service will be credited for an unpaid absence due to pregnancy, childbirth, adoption, where the crediting of those hours is necessary to prevent a one-year break in service.  The hours to be credited will be computed as the hours of service that normally would be credited, or of the Plan Administrator is unable to determine that number of hours, eight hours of service will be credited for each day of the absence.  The hours will be credited in the year in which the absence begins if the employee needs them to prevent a break in service.  If an employee does not need them to prevent a break in service in the year in which the absence begins, the hours will be credited in the next year if the employee continues to be on leave.  These additional hours will be credited only in the year of the absence or in the next following year, and will not be credited in both years. 



 
 

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