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The University's retirement plan for full-time clerical and
maintenance employees is provided by contracts with Teachers
Insurance and Annuity Association of America (TIAA) and the
College Retirement Equities Fund (CREF).
The plan is mandatory for faculty who have been awarded
tenure and for full-time employees who have completed seven
years of service. Others may elect to participate when they
qualify. Employees who do not return the enrollment forms
when eligible will be deemed to have waived their rights to
participation, including the right to participate at a later
date unless such participation becomes mandatory.
Participation
Participation in the plan requires attainment of age
26 and the completion of one year of service. The one-year
waiting period may be waived if the applicant has been employed
at another college or university for the 12 month period
immediately preceding employment at Long Island University.
Retirement Age
All participants in this retirement plan may retire
at the end of the academic year in which they attain age 65
(68 for those enjoying tenure before August, 1973), herein
called normal retirement age.
However, you may begin to receive your annuity income at
any time after you retire, which may be either earlier or
later than the normal retirement age, but not after the
age required by the Internal Revenue Service.
Contributions
Each participant in this retirement plan shall
contribute 3% of his or her regular compensation. This contribution
will be deducted from his or her salary check under a Salary
Reduction Agreement. Long Island University will add, as its
contribution, 8% of regular compensation. The combined sum
will be applied to the purchase of retirement benefits for
the participant as follows:
- At the election of the participant, the funds may be
allocated between Teachers Insurance and Annuity Association
and College Retirement Equities Fund. The allocation may
be made in any proportion that the individual designates.
- The designated percentages will be forwarded to
Teachers Insurance and Annuity Association as a premium
for a retirement annuity contract on the participant's life,
and to College Retirement Equities Fund as a premium for
an Equities Fund unit annuity certificate on the participant's
life.
Contributions to the Retirement Plan are immediately vested.
That is, both the employee's contribution and the funds
that the University sends on the employee's behalf,
belong to the employee. There is no minimum employment requirement
for the employee to satisfy to "own" his or her
account.
Contracts
Retirement annuity contracts, written in accordance with
Section C, are for the sole purpose of providing a retirement
income and/or death benefit and are the property of an individual
participant; each contract is between the participant and
the issuing company (TIAA/CREF).
Group Supplemental Retirement Annuities
A cashable annuity contract, called the Group Supplemental
Retirement Annuity (GSRA) is available. This plan gives
you the opportunity to accumulate annuity funds over and
above the basic TIAA/CREF plan described in the preceding
sections. GSRA contributions are made by the employee. There
are no University contributions to this account.
Amendment
While it is expected that this plan will continue indefinitely,
Long Island University reserves the right to modify or discontinue
it at any time.
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