Basic and Supplemental Retirement Plan
Basic Retirement Plan – All benefit eligible employees participate in the University's Retirement Plan after completing one year of "benefit eligible" service. Participation in the plan is automatic, and contributions continue as long as the employee is actively employed by the University. Contributions to this basic portion of the Retirement Plan are equal to 8% of an employee’s base pay.
Supplemental Retirement Plan – A benefit eligible employee of University of the Sciences may elect to have a portion of his or her salary, up to a legally allowed maximum, placed each year in a supplemental retirement account. Contributions to the Supplemental Retirement Plan are not subject to federal taxation until such time as it is received as income.
The University offers a wide range of investment options for both the Basic and Supplemental Retirement Plan through TIAA/CREF www.tiaa-cref.org and The Vanguard Group www.vanguard.com. Employees are 100% vested in their accounts on the date participation begins.
Social Security Online – In addition to the retirement benefit you may be eligible to receive from the University’s Retirement Plan, you may also be eligible for Social Security benefits. More information about Social Security and Medicare benefits is available at www.ssa.gov.
A Quick Retirement Planner – How much do I need to save to retire? Will I need 100% replacement income? Is 80% sufficient? Will I meet my retirement goal based on my current level of contributions and investment choices? Go to http://www.quicken.com/retirement for a simple and general retirement planner. The Human Resources Department can loan you more detailed retirement planning software available on CD. You should also contact your investment/financial counselor.