Human Resources
Policies & Procedures
Illinois Institute of Technology		 Policy No. B. 5.00

Date of Issue 1/06

Subject: Retirement Plan

IIT offers two retirement programs, one funded through Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA-CREF) and the second funded through Fidelity Investments.

5.01 Eligibility1 (Refer to Policy B. 1.00 for definitions)
Eligible Employees:
Full-time Employees
Full-time Faculty
Senior Research Associates
Research Associates
Part-time employees regularly
 working at least 20 hours/week

Not Eligible:
Temporary Employees
Adjunct and Part-time Faculty
Student Employees (includes co-op assignments)
Part-time Employees working
 less than 23.25 hours/week

5.02 Eligibility for Participation

Administrative Officers and Faculty - become eligible for participation on the first day of the month following completion of one year of employment.

All Others - become eligible for participation on the first day of the month following completion of two years of employment.

Prior employment with a qualifying not- for-profit educational or research organization including IIT or IITRI may be substituted for the waiting period, making the employee eligible for immediate participation. Consult Human Resources for details about qualification.

5.03 Plan Contributions

After the employee has completed the required documents, the university will contribute a minimum of 5% of the employee’s base salary to either program and will increase its contribution by matching the employee's contribution to a maximum additional contribution of 4%. Total contributions to either program by IIT and the employee must not exceed the amount mandated by current federal tax law.

5.04 Plan Investments

Under either program, the employee may determine the portion of the combined sum to be allocated to purchase a fixed income annuity or an equity fund. The allocation may be changed at any time by contacting the plan. Contributions may be divided between TIAA-CREF and Fidelity Investments.

5.05 Participation While on Leave of Absence or Upon Termination

To be eligible for participation in the retirement plan, the employee must be on the active payroll. Therefore, while on unpaid leave, on workers' compensation leave and upon termination, participation in the plan will be suspended.

5.06 Forms and Applications

Available in Human Resources:

Salary Reduction Agreement Form
TIAA-CREF Enrollment Form
Fidelity Investments Enrollment Form

Available directly from TIAA-CREF and Fidelity Investments:

Loan Application
Retirement Annuity Application
Withdrawal Form

5.08 Important Contact Information

Contact the plan to inquire about retirement options, investment funds, fund balances, and transfers among funds.

TIAA-CREF: 1-800-842-2777 or www.tiaa-cref.org

Fidelity Investments: 1-800-343-0860 or www.fidelity.com/atwork

   


1Employees covered by a collective bargaining agreement should consult their respective contracts for information on retirement benefits.

Main | Index | Tab B

Converted to HTML 10/21/97 by
Ray Trygstad, CNS Client Services