Retirement/Savings BenefitsBenefits include the following: The university contributes 7.65 percent of your covered salary to your Social Security taxes and you contribute a matching amount through payroll deduction. These contributions (FICA taxes) fund Social Security (6.2%), and Medicare benefits (1.45%). Retirement Annuity ProgramFaculty members and staff members in regular positions scheduled to work at least half-time, 1,000 hours per year begin participation in the retirement program after 12 month of continuous employment or immediately with applicable prior service at another accredited college or university. The university contributes the equivalent of 10 percent of your regular salary to your retirement plan if your position is not exempt from the Fair Labor Standards Act (those eligible for overtime pay). The university contributes 12 percent if you are faculty members or if your position is exempt from the Fair Labor Standards Act (those not eligible for overtime pay). Immediately and fully vested, you direct those contributions to one or more of the nearly 60 investment options made available by the university through Teachers Insurance Annuity Association-College Retirement Equities Fund (TIAA/CREF) and The Vanguard Group. You receive quarterly reports showing the university's contributions and the total accumulation in your accounts. Voluntary Retirement Savings PlanYou can add money to your retirement savings; beyond the amount the university contributes, by making optional, tax-deferred contributions to TIAA/CREF and/or to The Vanguard Group. Contributions to the program are deducted from your pay on a pre-tax basis, lowering your current taxable income and, in turn, your tax liability. The interest, dividends, and capital gains earned on your investments compound, tax-deferred. You will not be taxed on your earnings until you begin to receive distributions. You save on taxes in two ways: through the pre-tax payroll deduction and through tax-deferred growth. No waiting period is required. | 
