Common use of Faculty Hired on or After June 1, 2012 Clause in Contracts

Faculty Hired on or After June 1, 2012. An eligible faculty member hired on or after June 1, 2012 may choose to make employee plan contributions, on a tax-deffered basis, into one of three retirement plans: TIAA-CREF, Fidelity Investments or MetLife Resource. Upon completion of one year of full-time employment with the University, faculty are eligible to receive a University contribution to their retirement account of five percent (5%) of their base salary. Faculty must themselves contribute a minimum of five percent (5%) into their retirement account in order to receive the University’s five percent (5%) contribution. Upon completion of five years of employment, the University’s contribution increases to ten percent (10%) of a faculty member’s base salary provided the faculty member’s contribution is at least five percent (5%). The Plan is more fully described in a Summary Plan Description and in the Plan documents.

Faculty Hired on or After June 1, 2012. An eligible faculty member hired on or after June 1, 2012 may choose to make employee plan contributions, on a tax-deffered deferred basis, into one of three two retirement plans: TIAA-CREF, CREF or Fidelity Investments or MetLife ResourceInvestments. Upon completion of one year of full-time employment with the University, faculty are eligible to receive a University contribution to their retirement account of five percent (5%) of their base salary. Faculty must themselves contribute a minimum of five percent (5%) into their retirement account in order to receive the University’s five percent (5%) contribution. Upon completion of five years of employment, the University’s contribution increases to ten percent (10%) of a faculty member’s base salary provided the faculty member’s contribution is at least five percent (5%). The Plan is more fully described in a Summary Plan Description and in the Plan documents.