Retirement

  1. Normal Retirement Age: The University does not have a mandatory retirement age. The normal retirement age of approximately 65 does not apply to eligibility for withdrawals on the University's pension plan or other benefits.

  2. Retirement Plans:

    403(b) Defined Contribution Retirement Plan: Beginning the first day of the month following one (1) year of service, all employees working a minimum of 1,000 hours per year enroll in the University's 403(b) Defined Contribution Retirement Plan.  Employees contribute 5% of their base salary and the University contributes 8.5%.

    Employees may make voluntary contributions during the first year of employment, or make additional voluntary contributions beyond the required 5%.  The University does not match Voluntary contributions. Voluntary contributions are subject to IRS limitations.  All contributions to the plan are tax deferred as provided under section 403(b) of the Internal Revenue Service Code, and reduce the employees gross taxable income by the contribution amount. Employees are 100% vested in all contributions and earnings from their participation date. Appendix 21 Retirement Plan

    457 (b) Deferred Compensation Retirement Plan:     All employees working a minimum of 1,000 hours per year, and who have maximized voluntary contributions to the 403(b) plan are eligible to enroll in the University's 457(b) Retirement Plan. By enrolling in the 457(b) plan, employees are eligible to tax-shelter additional contributions beyond the 403(b) plan limits, up to the 457(b) IRS limit. There is no University matching contribution.

  3. Retiree Medical Insurance: The University offers medical insurance continuation to employees who choose to retire early. Eligible employees may continue coverage in the University's medical insurance plans by self-paying the premium to age 65. Medical benefits-eligible employees with a minimum of 10 years of service who are at least age 55 may participate in this plan. An eligible employee's spouse may also continue participation in the plan until age 65. Dependent children may continue to participate until age 23, or until the last parent turns age 65, whichever comes first. Please contact the Benefits Office for more information.