Retirement Benefits for Union/Non-Union Hourly Employees
The following outlines the retirement provisions
of the current agreement (effective July 1, 2004- June 30, 2007), between
the Colleges and the Service Employees International Union, Local 200-C,
AFL-CIO.
Benefits shall be provided
on the following terms and conditions by the Colleges on behalf of all
bargaining unit employees if such employees request to be covered and
are allowed to be covered by or granted such benefits under any governmental
laws, rules or regulations or under the provisions or requirements of
any insurance carriers of the Colleges or those who provide the following
benefits for employees on behalf of the Colleges:
Retirement:
Eligibility for, participation in, and contributions to the Colleges'
TIAA CREF Retirement Annuity Plan are governed by the terms of the plan
itself. What follows is just a brief summary. See the Summary Plan Description
for details. This link will provide you an online copy of the Summary
Plan Description, or you may contact Human Resources at ext. 3312
for a copy.
Effective as of July 1, 1998: During the first 24 months of
continuous employment, eligible employees who contribute at a rate
of 5% or more of their salary to and for the TIAA CREF Retirement
Annuity Plan presently in effect shall have contributed on their behalf
by the Colleges an amount not to exceed 5% of their regular salary.
After an employee has completed 24 months of continuous employment,
the Colleges will contribute 5% of the employee's regular salary whether
or not the employee contributes to the plan. Additionally eligible
employees who contribute a portion of their salary to and for the
TIAA CREF Annuity Plan presently in effect shall have contributed
on their behalf by the Colleges an amount equal to the employee's
contribution not to exceed 2.5% of their regular salary.
Effective as of July 1, 1999: The Colleges shall continue
to match 100% of the employee's contribution up to 2.5%, but will
also match 100% of the employee's contribution over 5% up to an additional
2.5%. Meaning, in total, that if the employee contributes 7.5% or
more, the Colleges will contribute 5% over and above the automatic
5% mentioned above.
PLEASE NOTE: The benefit plans summarized on these web pages
are guidelines only. Every effort has been made to make these descriptions
as brief, accurate and easy to understand as possible. Therefore, all
details may not be described here. If there is a difference between the
information in this publication and the official plan documents, the official
plan documents will govern. In addition, the Colleges retain the right
to supplement, modify, amend or eliminate benefit policies and plans.
For more specific information, of if you wish to obtain copies of the
plan document and summary plan descriptions, please contact the Office
of Human Resources.
|
