V703.10 RETIREMENT POLICIES
- Regular employees, 18 years of age (or older), working 20 hours (or more) per week, for 20 weeks (or more) are required to participate in a retirement plan.
- Faculty and Administrators (Bands 0000-3000) participate in TIAA-CREF. Given the difference between faculty and staff scheduling, covered faculty included in the TIAA-CREF retirement plan teach 6 semester credit hours in a non-adjunct capacity.
- Employees receive credit for years of service during which they accrued retirement benefits under NDPERS, TFFR, and/or TIAA-CREF. Credit for TIAA-CREF years of service shall also include credit earned at other institutions, including out-of-state institutions, provided employee has a current TIAA-CREF contract (i.e. was not repurchased, or rolled).
- All staff employees (Bands 4000-7000) participate in the North Dakota Public Employees Retirement System (NDPERS).
- In the case of a transfer or promotion with different eligibility (as defined in points 2 & 3 above), an employee has the following options:
- To not change plan participation:
- In lieu of participation in the TIAA-CREF retirement plan, eligible employees having accrued retirement benefits under NDPERS may elect to continue participation in NDPERS.
- In lieu of participation in the NDPERS retirement plan, eligible employees having accrued retirement benefits under TIAA-CREF may elect to continue participation in TIAA-CREF plan.
- To change plan participation:
- A NDPERS participant may cease funding the NDPERS retirement plan and participate in the TIAA-CREF plan.
- A TIAA-CREF participant may cease funding the TIAA-CREF retirement plan and participate in the NDPERS plan.
- In absence of an election to change plan participation within the qualifying event period the employee irrevocably waive the right to change plan participation.
- TIAA-CREF Plan Document available on the NDUS site: http://www.ndus.edu/makers/procedures/sbhe/
- Benefit contribution rates available on the Employee Services website: http://www.vcsu.edu/employeeservices/
Sponsor: Vice President for Business Affairs
Reviewed: Winter 1996
Revised: May 2013