V703.10 RETIREMENT POLICIES
A. Retirement Age
Normal retirement age is herein defined as the last day of the fiscal year in which age 65 is attained.
B. Early Retirement
See SBHE 703.1 for the early retirement policy for faculty and designated administrators.
C. Retirement Benefits
1. Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF) is a retirement plan authorized by the North Dakota State Board of Higher Education for full- time faculty, professional research staff, and certain designated administrative and library staff.
Contributions under this retirement plan, referred to hereafter as "Plan Contributions," will be made on a monthly basis, except for months in which no salary is paid, in accordance with the following schedule:
PLAN CONTRIBUTIONS AS A PERCENT OF REGULAR SALARY
| Employment Classification |
Years of Service |
By the Participant |
By the Institution |
Total |
| Professor, Associate Professor, Executive and Administrative |
0 through 10 |
1.5% |
9.5% |
11.0% |
| Staff |
Over 10 |
2.0% |
10.0% |
12.0% |
| Assistant Professor |
0 through 2 |
0.5% |
4.5% |
5.0% |
| Instructor, Lecturer |
3 through 10 |
1.5% |
9.5 |
11.0% |
| Professional Staff |
Over 10 |
2.0% |
10.0% |
12.0% |
| Faculty in TFFR Plan |
|
1.0% |
9.0% |
10.0% |
The participant must also designate a percentage allocating premiums between the TIAA-CREF investment plans.
2. TIRF (North Dakota Teachers Insurance and Retirement)
New faculty employees are not eligible to participate. Covered faculty remit yearly premiums amounting to four (4) percent (but not more than $120) of one's salary during the first eight (8) years of employment in the State. During the next eight (8) years, the premiums are five (5) percent (but not more than $200). Premiums are withheld from one's salary each month. The yearly contribution rate paid by the State is $50 for the first eight (8) years and $120 thereafter.
Reference: NDHE 703.3
Sponsored by: Vice President for Business Affairs
Reviewed: Winter 1996
