Defined Contribution Retirement Plan

The Institute’s retirement plan is a “defined contribution” pension plan, fully paid for by the Schepens’ through TIAA-CREF.

Eligibility

Employees who work at least 20 hours a week are eligible to participate after completing 2 years of employment. Service credits can be applied towards the two year wait for those that come directly from a non-profit research institution.

However, certain employees, such as visitors, graduate students, postdoctoral fellows, are not eligible.

Vesting

You are 100% vested (i.e. have the right to funds) when participation begins. Contributions are determined by age, wage, and social security integrator.

Tax-Deferred Annuity Plan

Employees can participate in a tax-deferred plan through TIAA-CREF, offering tax-favored savings and investment programs.

The amount that you may contribute to the 403(b) is limited by Federal Law and can be viewed at this table .pdf).

Contributions

How the Institute calculates contributions to your TIAA-CREF retirement account.

Institute contributions to your retirement account are determined by age, wage, and social security integrator.

** 2005 social security wage is $90,000.

Examples

Employee who is 36 years old and making an annual salary of $40,000: your TIAA-CREF account will be credited with 10% or $4,000 for the year. You determine the investment allocations for these contributions through TIAA-CREF’s investment funds.