Retirement Annuity. Full-time and part-time A employees, who are appointed for at least four complete calendar months, participate in a defined con- tribution retirement plan administered by TIAA/CREF (the “pen- sion plan”). Some of the key terms of the pension plan are summa- rized below. For all employees, participation in the pension plan is mandatory. For employees in TIER I (those hired and enrolled in TIAA/CREF before July 1, 1994 with no break in service2), the Foundation contributes 11% of the first $16,500 of the employee’s earnings during the calendar year, and 14% of the employee’s earn- ings over $16,500. Employees are immediately and fully vested in the employer contributions. For employees in TIER II (those hired on or after July 1, 1994, and before January 1, 2000, with no break in service*), there is a one-year waiting period to participate in the pension plan. The Foundation contributes 8% of the employee’s earnings during the first seven years of service (as defined in the Plan), and 10% of the employee’s earnings thereafter. Employees must make a mandatory employee contribution of 3% of his/her earnings (on a pre-tax basis) starting at the end of the one-year waiting period. Employees are immediately and fully vested in their employer contributions and employee contributions.
Appears in 6 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
