UNION/NON-UNION HOURLY EMPLOYEE RETIREMENT BENEFIT
The following outlines the retirement provisions of the current agreement (effective July 1, 2004- June 30, 2007), between the Colleges and the Service Employees International Union, Local 200-C, AFL-CIO.
Benefits shall be provided on the following terms and conditions by the Colleges on behalf of all bargaining unit employees if such employees request to be covered and are allowed to be covered by or granted such benefits under any governmental laws, rules or regulations or under the provisions or requirements of any insurance carriers of the Colleges or those who provide the following benefits for employees on behalf of the Colleges:
Eligibility for, participation in, and contributions to the Colleges' TIAA CREF Retirement Annuity Plan are governed by the terms of the plan itself. What follows is just a brief summary. See the Summary Plan Description for details. This link will provide you an online copy of the Summary Plan Description (Word) or you may contact Human Resources at ext. 3312 for a copy.
Effective as of July 1, 1998: During the first 24 months of continuous employment, eligible employees who contribute at a rate of 5% or more of their salary to and for the TIAA CREF Retirement Annuity Plan presently in effect shall have contributed on their behalf by the Colleges an amount not to exceed 5% of their regular salary.
After an employee has completed 24 months of continuous employment, the Colleges will contribute 5% of the employee's regular salary whether or not the employee contributes to the plan. Additionally eligible employees who contribute a portion of their salary to and for the TIAA CREF Annuity Plan presently in effect shall have contributed on their behalf by the Colleges an amount equal to the employee's contribution not to exceed 2.5% of their regular salary.
Effective as of July 1, 1999: The Colleges shall continue to match 100% of the employee's contribution up to 2.5%, but will also match 100% of the employee's contribution over 5% up to an additional 2.5%. Meaning, in total, that if the employee contributes 7.5% or more, the Colleges will contribute 5% over and above the automatic 5% mentioned above.
The benefit plans summarized on these web pages are guidelines only. Every effort has been made to make these descriptions as brief, accurate and easy to understand as possible. Therefore, all details may not be described here. If there is a difference between the information in this publication and the official plan documents, the official plan documents will govern. In addition, the Colleges retain the right to supplement, modify, amend or eliminate benefit policies and plans. For more specific information, please contact the Office of Human Resources.