Retirement Programs

No.  3-40   Rev.  06-27-07     Date   8-17-77    



POLICY

A. It is the intent of the University to insure that its career-oriented personnel are adequately covered by the benefits of a retirement program. Participation in one of two retirement programs is required by Utah State Law. Employees hired after January 1, 1979, may participate only in the retirement plan which attaches to their employment classification. Non-exempt employees working half time or more will participate in the state retirement program. Faculty, exempt staff, and executives working half time or more will participate in TIAA/CREF.

B. An employee participating in TIAA/CREF may also exercise the option of having part of his/her contributions to TIAA invested in CREF.

C. Participants in either retirement program may also elect to participate in a supplemental tax-sheltered program offered by TIAA/CREF or any other program approved by Weber State University.

D. All employees of the University, full-time or part-time, are covered by Federal Social Security. Payment is made by payroll deduction.

E. An employee hired after January 1, 1979, whose employment classification requires participation in the state retirement system may, upon change to an employment classification which requires participation in an annuity plan with TIAA/CREF, elect to continue participation in the state retirement system.

F. An employee hired after January 1, 1979, whose employment classification requires participation in TIAA/CREF, upon change to an employment classification which requires participation in the state retirement system, shall participate in the state retirement system.