All Regular, Full and Part-time (benefit eligible) University employees.
The purpose of this Policy is to define eligibility standards for participation in the University’s retirement benefit program.
Regular Full-Time Employees: Employees who are regularly scheduled to work at least thirty seven and a half (37.5) hours or more per week and who maintain continuous regular employment status.
Regular Part-Time Employees: Employees who work an average of between twenty and less than 37.5 hours per week throughout a 12-month period and who maintain continuous regular employment status. Regular part-time employees will be eligible for benefits only as specifically outlined under the provisions dealing with benefit plans.
Part-Time Benefit Ineligible Employees: Employees who work less than 20 hours per week throughout a 12-month period for an indefinite period or for a period specified within a written employment term.
Thomas More University participates in the Teachers Insurance Annuity Association (TIAA) for employees meeting the following eligibility requirements:
Regular Full-time and Part-time employees who work 20 hours per week during the Plan Year (June 1 to May 31) are eligible to participate in the 403(b) Defined Contribution Plan if they have reached age 21. The plan is administered by the Teachers Insurance and Annuity Association (TIAA) and is optional. There is a three month waiting period before an employee’s contribution is matched.
The employee contributes three to five percent of their base salary and the college matches the employee’s contribution up to five percent. Employees may make additional contributions, but these are not matched by the University. Employees are 100% vested at time of enrollment into the defined contribution plan.
Maximum contribution amounts are determined by the Internal Revenue Service each year. The provisions of the plan documents govern at all times.
Please see the Director of Human Resources for further details.
There are no procedures for this policy.
This is a new policy, replacing language in the Staff Manual (May 2014).
There are no appendices to this Policy.
Laura Custer, Director of Human Resources
Dr. Kathleen Jagger, Acting President