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You are eligible to participate in the TIAA-CREF Defined Contribution Plan if you hold a regular appointment of 50% time or greater and earn an annual salary of $7,800 or more at the University. Federal and state income taxes on contributions are deferred until the benefits are received.
Contribution Rates
Contributions will be made as follows:
| |
Your Share |
UNI's Share |
Total |
| Less than five (5) years of service |
| First $4,800 of earnings in a fiscal year |
3.33% |
6.66% |
10.00% |
| Above $4,800 of earning in a fiscal year |
5.00% |
10.00% |
15.00% |
| After five (5) years of service |
| Contributions |
5.00% |
10.00% |
15.00% |
The maximum eligible salary is $300,000 for staff hired before January 1, 1996 and $245,000 for staff hired after January 1, 1996.
Vesting
With TIAA-CREF you are immediately vested. Both the employee and the University contributions are fully and immediately vested. This means that you own all contributions to your account, even if you leave the University before retirement.
Terminating Before Retirement (Under Age 55)
You own all contributions to your account. You can leave your money with TIAA-CREF as long as you would like. You can receive withdrawals from your account or roll it into an IRA. If you withdraw funds before age 59½ , they may be subject to an additional 10% early withdrawal penalty.
Retirement (Over age 55)
If you retire after reaching age 55, the 10% tax penalty will not apply. There are numerous withdrawal options including annuities. For more details, visit www.tiaa-cref.org.
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