Faculty and P&A Retirement Savings Plan
If you are a faculty member or a Professional Administrative and Academic (P&A) staff member, your retirement plan is through the University. The Faculty Retirement Plan is a 401(a) retirement plan in which you accumulate tax-deferred contributions.
Features of the Plan
- Participation in the Plan is mandatory
- The waiting period is based on job classification and/or compensation
- A tax-deferred deduction of 2.5% of your total salary is contributed each pay period
- Additional contribution of 13% from the University each pay period
- Accumulated values in the Plan are fully vested immediately
- You will have access to your retirement money on the first of the month following either your 55th birthday or upon termination of employment
- You can choose from a variety of investment options
- If you do not choose an investment option, your contributions will be defaulted into the Vanguard Target Retirement Fund
- You can change your investment allocations within the provisions of the plan without tax implications, costs, or penalties
- You will receive quarterly reports from Securian that includes performance information
The Faculty Retirement Plan also includes the Academic Disability Program (long-term disability) and additional basic life insurance if your salary is $95,000 or less.
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