TIAA/CREF Retirement Annuity. Upon completion of one (1) year of service on regular status and attainment of age twenty-six (26), the Employer shall contribute an amount equal to eight percent (8%) of the employee's base monthly salary into a retirement annuity for the employee. Effective July 1, 2004, upon completion of one ( 1) year of service on regular status and attainment of age forty-five (45), the Employer shall contribute an amount equal to nine percent (9%) of the employee's base monthly salary into a retirement annuity for the employee. Effective July 1 , 2007, upon completion of twenty-five (25) years of service on regular status and attainment of age fifty-five (55), the Employer shall contribute an amount equal to ten percent (10%) of the employee's base monthly salary into a retirement annuity for the employee. The employee may make supplementary contributions to the annuity on a voluntary basis; however, it is mandatory to enroll in this plan to be able to do so. Subject to applicable laws and regulations, such supplementary contributions by an employee may, if the employee so elects, be treated as deferred income for tax purposes. In addition to the above, regular status Administrative Assistants who make contributions to the retirement annuity in accordance with the schedule that follows shall be entitled to a matching contribution by the College. The College will match employees' contributions in one-half percent (1/2%) increments, up to the percentages specified for the age groups listed below. Such contribution will be calculated and paid monthly based on the employee's regular salary excluding overtime. Effective January 1, 2014: College Contribution Employer Matching Contribution Total Employer Contribution Employee Contribution Age 26-44 8% Up to 2% 10% Up to 2% Age 45-54+ 9% Up to 3% 12% Up to 3% Age 55+ and 20+ years of service 10% Up to 4% 14% Up to 4% *Employer will match contributions in one-half percent (1/2%) increments. The College shall cease making base plan or matching contributions for employees upon resignation, termination, or retirement.
TIAA/CREF Retirement Annuity. Upon completion of one (1) year of service on regular status and attainment of age twenty-six (26), the Employer shall contribute an amount equal to the percentages set forth below of the employee’s base salary into a retirement annuity for the employee in accordance with the terms and age brackets as of the effective dates set forth below. The employee may make supplementary contributions to the annuity on a voluntary basis; however, it is mandatory to enroll in this plan to be able to do so. Subject to applicable laws and regulations, such supplementary contributions by an employee may, if the employee so elects, be treated as deferred income for tax purposes. For the period through December 31, 2020, regular status Administrative Assistants who make contributions to the retirement annuity in accordance with the schedule that follows shall be entitled to a matching contribution by the College. The College will match employees’ contributions in one- half percent (1/2 %) increments, up to the percentages specified for the age groups listed below. Such contribution will be calculated and paid based on the employee’s regular salary excluding overtime. Employee Age College Contribution Age 55+ 12% on the first $100,000 of base salary; 8% on basesalary over $100,000 Current OCOPE members who are less than 35 years of age, and thus will be negatively impacted by adding an additional age tier, will be paid a stipend up to the age of 35. The stipend will be the equivalent of the loss in TIAA employer contributions. Said employees are not obligated to direct their stipend dollars to TIAA retirement. The College shall cease making base plan or matching contributions for employees upon resignation, termination, or retirement. Any OCOPE employees receiving a stipend who change employee classification (i.e., XXXXX to A&PS) will have their stipend cease.
