Scope
Employees
Policy Statement
Benefits Eligible Employees who are 21 years or older and have completed one year of qualified service are enrolled in the University’s noncontributory retirement plan. The University contributes a percentage of each Eligible Employee’s base salary to an individual retirement account. Employees coming from another four-year degree-granting institution may be eligible for waiver of the one-year waiting period. However, this waiver is not automatic, and there is no retroactive contribution of the University’s contribution.
Employees may also contribute to their own retirement through the University’s voluntary tax-deferred annuity retirement plan. The maximum allowable employee contribution is calculated by the Human Resources office in accordance with IRS codes.
An employee who is not classified as a Benefits Eligible Employee may still be eligible for a University contribution under the noncontributory retirement plan if the employee works a certain number of hours and satisfies the other applicable plan requirements.
Retirement benefits will be provided in accordance with the terms of the University’s noncontributory and voluntary tax-deferred annuity retirement plan documents, as appropriate, and the terms of those plans will control. Please contact the Office of Human Resources at 315-443-4042 for more information and to request a copy of the plan documents.
Policy Administration
Links to Procedures and Related Information
Date: April 2005
Amended: March 2011
Amended: February 2012