University Noncontributory Retirement Plan UNCRP Sample Clauses

University Noncontributory Retirement Plan UNCRP. (For employees hired prior to January 1, 1973) 245 The following provisions apply to those employees who meet the retirement definition described in Section A. 246 Effective January 1, 1973 the UNCRP ceased to exist. However, to ensure that no employee lost credit for prior years of service, the following guidelines were established to provide that an employee will receive no less than what an improved UNCRP formula would give him/her upon retirement. 247 Those persons employed prior to January 1, 1973, who were 55 years of age or older and/or had 25 years of service on January 1, 1973 could elect to remain subject to the improved UNCRP formula described below. 248 The formula governing the UNCRP was improved by basing pensions on an amount equal to the highest three (3) year average earnings, multiplied by 2% for each year of service, with a $3600 ceiling. 249 For employees participating in TIAA-CREF and/or other retirement programs made available through the University with a University contribution, the improved UNCRP formula will be calculated for each employee at retirement and will become the minimum received by the employee. 250 The annuity value at the time of retirement of MSU’s contributions to TIAA-CREF and/or other retirement programs made available through the University will be compared to the pension amount as computed in Paragraph 248 above, and the employee will receive the larger of the two figures. Employee contributions to TIAA- CREF and/or other retirement programs made available through the University (retroactive to 1-1-73) will provide additional annuity income. 251 Those employees not participating in TIAA-CREF or other retirement programs made available through the University will have their retirement figured solely on the improved UNCRP formula plus a 10% addition added to the base pension prior to actuarial reduction or the selection of a survivor option. 252 Employees who terminate without meeting the minimum requirements for retirement will receive an annuity income from the contributions made to the individual TIAA- CREF annuity contract or other retirement programs made available through the University consistent with provisions of other contracts.
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