Employment, Benefits, and Workplace
Retirement Plan
Scope
Employees
Policy Statement
Enrollment in the Teachers Insurance & Annuity Association Plan (TIAA/CREF) is automatic for all full-time faculty and full-time and regular part-time exempt and non-exempt staff, who are 21 years or older and have completed one year of qualified service. The University contributes 11 percent of each eligible employee’s base salary to his or her individual TIAA/CREF 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 11 percent benefit. Employees may also contribute to their individual TIAA/CREF account, or they may establish a Supplemental Retirement Annuity (SRA) account through TIAA/CREF. The maximum allowable employee contribution to these accounts is calculated by the Human Resources office in accordance with IRS codes. Syracuse University allows retirement, at age 55 with certain benefits, dependent on length of service. Withdrawals from the TIAA/CREF and SRA accounts are subject to federal law and the terms of the Plan. The terms of the TIAA/CREF Plan will control if there is any inconsistency with this policy.Policy Administration
Links to Procedures and Related Information
Date: April 2005
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