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PPM 3-40, Retirement Programs |
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Responsible Office: Human Resources |
1.0 PURPOSE
This policy describes how the University administers a retirement program for its benefits-eligible employees.
2.0 REFERENCES
2.1 Utah Board of Higher Education Policy R851
2.2 Utah Code Title 49, Utah State Retirement and Insurance Benefit Act
3.0 POLICY
3.1 Salaried individuals working half time or more who enter employment with the University shall be enrolled in a retirement program applicable to their respective retirement group. The University places employees into one of the following groups based on their position:
3.1.1 Public Safety. Employees who are employed in the University’s Department of Public Safety as (i) a law enforcement officer, correctional officer, or special function officer, and in the course of employment, the employee’s life or personal safety is at risk, or (ii) a full-time dispatcher expected to work 40 hours per week, whose primary duties are to receive calls for police and other public safety emergencies and dispatch appropriate personnel and equipment.
3.1.2 Other benefits-eligible employees. All other benefits-eligible employees whose position does not qualify them for the Public Safety group.
3.2 Employees from both groups outlined in section 3.1 above are eligible for participation in the retirement plan designated by the University. The following is applicable to benefit-eligible employees based on date of hire and past retirement participation:
3.2.1 Employees hired on or after November 16, 2015, and eligible for benefits will participate in the defined contribution retirement program, currently the TIAA administered retirement program.
3.2.2 Employees hired prior to November 16, 2015, and eligible for benefits, will continue in the retirement programs as designated on November 15, 2015.
3.2.3 Notwithstanding the above, an eligible salaried employee who has earned service credit in the URS before the date of employment with the University may elect to maintain URS enrollment (defined contribution) according to URS rules. The election must be made immediately upon employment.
3.3 If an employee resigns or terminates employment and is subsequently rehired into a full-time position, the employee shall be enrolled in the same retirement plan that the Employee was previously enrolled in at the University at the time of separation.
3.4 Details relating to retirement plan administration, contribution levels, and supplemental retirement accounts are disclosed to eligible employees upon hire and are available upon request from HR.
3.5 This policy is to be read and interpreted in accord with Title 49 of the Utah Code and Utah Board of Higher Education Policy R851, as amended.
3.6 All regular full-time employees are covered by Federal Insurance Contributions Act (FICA) Social Security. The University pays the employer portion of the tax (FICA) contribution to the Social Security Administration in addition to the employer contribution made by the University to URS or TIAA for full-time employees.
4.0 PROCEDURES
4.1 HR should be notified of the employee’s expected retirement date as early as possible, but no later than 60 (sixty) days prior to an individual's expected retirement date to facilitate the arrangements for insurance conversion and start of the retirement plan benefits.The department supervisor shall provide appropriate documentation to facilitate the employee’s departure as required by HR.
4.2 Information is available through HR to answer questions regarding retirement, Social Security, Medicare, conversion of life insurance and other related topics. Employees are also encouraged to contact their retirement program representatives directly for information regarding eligibility for those programs.
Revision History
Creation Date: 8-17-77
Amended: 11-3-15; 3-22-22; 10-31-24