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PPM 3-40, Retirement Programs |
Responsible Office: |
1.0 PURPOSE
This policy describes how the University administers a retirement program for its benefits-eligible employees.
2.0 REFERENCES
2.1 PPM 3-42, Early Retirement Program
2.2 PPM 3-42a, Tuition Benefits for Retired/Deceased Employees
2.3 PPM 3-45, Fringe Benefits
2.4 Utah Board of Higher Education Policy R851
2.5 Utah Code Ann. Title 49, Utah State Retirement and Insurance Benefit Act
3.0 POLICY
3.1 Employees are classified into the following classes:
3.1.1 Faculty, exempt staff, non-exempt staff and executives working half time or more, 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.
3.1.2 Faculty, exempt staff, non-exempt staff and executives hired prior to November 16, 2015, and eligible for benefits, will continue in the retirement programs as designated on November 15, 2015.
3.1.3 Notwithstanding the above, an eligible salaried employee who has earned service credit in the Utah Retirement System (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.
3.2 Employees may also elect to participate in a supplemental tax-sheltered program offered by URS or TIAA or any other program approved by the University.
3.3 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.
3.4 All employees, full-time or part-time, are covered by Federal Social Security, in accordance with federal law. Deposits are made through payroll deductions.
4.0 PROCEDURES
4.1 The Human Resources Office (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: 8-7-17-77
Amended: 11-3-15; 3-22-22