Staff Retirement Plan Frequently Asked Questions
Which employees are eligible?
All eligible staff employees
(view the Eligibility Criteria section of the staff retirement plan).
When can I enroll?
You may enroll after satisfying the 2-year waiting period
(view the Enrollment in Staff Retirement Plan section of the staff retirement plan).
How much does the University contribute?
The University contributes an amount equal to 8.00% of your Base Salary
Who are the retirement fund sponsors?
Fidelity and Teachers Insurance Annuity Association (APPENDIX A)
Am I required to make contributions?
When can I get my money out?
(view the Benefits Payable section of the staff retirement plan)
Can I roll over funds from my previous employer?
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 or 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
(view 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?
Can I borrow against my account?