Wayne State University

Aim Higher

Policies-8

2.4 Retirement Plans

The University Retirement Program provides staff members the option of purchasing individually owned annuities issued by the Teachers Insurance and Annuity Association (TIAA)-College Retirement Equities Fund (CREF) or participating in the mutual fund plan of Fidelity Investments, or to divide participation between TIAA-CREF and Fidelity Investments.

Participation in the University retirement program is available on a voluntary basis to all University staff members immediately upon employment with the University.

The University will make a contribution to a staff member's retirement account in an amount equal to 10% of his/her annual base salary upon attainment of age twenty-six and completion of two years of University employment provided the employee contributes an amount equal to 5% of his/her salary. When the staff member has demonstrated qualified service time with an eligible previous employer, that time will count toward the two-year waiting period.

The staff member participating in the University Retirement Program may elect to have his/her contribution deducted from his/her gross salary before taxes, within the limits established by the IRS. Pre-tax contributions delay income tax on that portion of the staff member's salary until it is received as retirement income. Part-time employees who enrolled in the retirement program while serving as a full-time employee may continue participation.

Details concerning the retirement plan are available through the Benefits Administration Department.

Supplemental Retirement Plans

A staff member may voluntarily contribute additional funds to his/her TIAA/CREF or Fidelity Investments retirement account or to TIAA/CREF's Supplemental Retirement Annuity plan (SRA) within the limits established by the IRS.

Because of changes in the tax laws, employees should contact the Benefits Administration Department for information regarding voluntary retirement account contributions.