Retirement Program Option--TIAA-CREF

Faculty and Staff Benefits--Retirement Program Option--TIAA-CREF
Policy

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Document Number: HR--130 Revision #: 1.0
Document Owner: Executive VP Date Last Updated: 08/17/2012
Primary Author: Director of Human Resources Status: Approved
Date Originally Created: 01/17/2012
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General Description
Description: Information about the retirement program option of TIAA-CREF relative to HR policy.

Purpose: Delineation of policy.

Scope: All faculty, staff, and administrators

Responsibility: Human Resources
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Requirements
Relevant Knowledge: In order to comply with this policy you should know:
Standard company policies
Standards of good practice
Current University policy
Terms and Definitions: Additional training

Corrective Action

Loss of privilege, general
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Policy Provisions
1. Retirement Program Options: TIAA-CREF

For each full-time, eligible employee, Cumberland University provides the opportunity to participate in the Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF) Retirement Fund. This retirement plan operates under 501 (c) (3) of the Internal Revenue Code and is a tax-sheltered annuity.

Eligibility and Participation: An eligible employee may begin participation in the regular (matching funds) retirement annuity the month following the first year anniversary date of employment. An eligible employee may begin participation in this plan on the Plan Entry date following the completion of a 12-month period, which constitutes one Year of Service at the Institution. Years of Service with an Eligible Employer will be counted for meeting the eligible requirements. An eligible employer means any organization that is non-profit as defined by 501 (c) (3) of the Internal Revenue Code.

Types of Annuities: There are two (2) types of retirement annuities available with the plan.
1. The Regular (matching fund) Retirement Annuity: Cumberland University will match employee's contribution made to TIAA-CREF annuity Plan at 5% of the employee's base gross salary. All contribution funds are taxable for Social Security purposes. Employees must contribute to the TIAA Retirement Plan to receive the University's matching contribution. There are no retirement plan contributions for nine or ten-month faculty during the summer months.
2. Supplemental Retirement Annuity: Any eligible employee, regardless of length of service, may participate in the supplemental retirement annuity program. The University does not match contributions made to a supplemental annuity. Employees can contribute amounts up to the maximum Internal Revenue Limitation.

For additional information and/or application, contact the Director of Human Resources.

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Performance Evaluation
Performance Metrics: Compliance with standard policy and procedure

Consequences: Further training
Loss of privileges
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Subject Experts
The following may be consulted for additional information.
Director of Human Resources