Description of TIAA/CREF Defined Contribution Benefit. For employees hired on or after January 1, 1996, the University contributes a percentage based on each employee's salary toward his retirement. Contributions by the employer are made to the Federal Insurance Contributions Act (FICA), required for all employees; and the Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA-CREF) with five (5) year delayed vesting. The amount of retirement contribution is determined by the FICA for both the employer and employee. Under the TIAA-CREF Retirement Plan, all contributions are made by the University. Currently, that contribution is eleven percent (11%) of total gross earnings. For employees hired on or after January 1, 2014, the following contribution levels (for all tax deferred annuity plans) will apply:
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Description of TIAA/CREF Defined Contribution Benefit. For employees hired on or after January 1, 1996, the University contributes a percentage based on each employee's salary toward his retirement. Contributions by the employer are made to the Federal Insurance Contributions Act (FICA), required for all employees; and the Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA-TIAA- CREF) with five (5) year delayed vesting. The amount of retirement contribution is determined by the FICA for both the employer and employee. Under the TIAA-CREF Retirement Plan, all contributions are made by the University. Currently, that contribution is eleven percent (11%) of total gross earnings. For employees hired on or after January 1, 2014, the following contribution levels (for all tax deferred annuity plans) will apply:
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
Description of TIAA/CREF Defined Contribution Benefit. For employees hired on or after January 1, 1996, the University contributes a percentage based on each employee's ' s salary toward his his/her retirement. Contributions by the employer are made to the Federal Insurance Contributions Act (FICA), required for all employees; and the Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA-TIAA- CREF) with five (5) year delayed vesting. The amount of retirement contribution is determined by the FICA for both the employer and employee. Under the TIAA-CREF Retirement Plan, all contributions are made by the University. Currently, that contribution is eleven percent (11%) of total gross earnings. For employees hired on or after January 1, 20142013, the following contribution levels (for all tax deferred annuity plans) will apply:
Appears in 1 contract
Samples: Collective Bargaining Agreement
