Core and voluntary plans

Retirement options based on your benefits eligibility and hire status:

  • Benefit-eligible employees - Eligible for one of three core retirement plans. See plan descriptions below to determine your core plan. In addition, you may choose to participate in the University’s voluntary plans. See below for more information
  • Non-benefit-eligible employee - Some retirement plans are accessible to all faculty and staff, no matter their eligibility for other benefits

Visit our plan contacts page.

Looking for plan providers or health care providers?
Visit our plan contacts page for more information.

Defined Contribution (DC) Plan

Defined Contribution Plan
If you are ...Your core plan is ...Your voluntary plan options are ...
  • Active, benefit-eligible employee first hired on or after 10/1/2019
  • A returning, benefit-eligible employee who was rehired on or after 10/1/2019
  • The Defined Contribution Plan, consisting of:
    • A defined contribution
  • 403(b)
  • 457(b)
  • Supplemental Retirement Plan (SRP) 401(a)

The Defined Contribution Plan is the retirement package for employees hired on or after October 1, 2019, or returning employees rehired on or after October 1, 2019. Approved by the Board of Curators in April 2019, it includes a full defined contribution plan; an auto-enroll at hire/rehire that will help participants enjoy the maximum University match; and a three-year vesting period which remains consistent and equitable with the current defined contribution vesting period requirement for the Hybrid (ERIP) Plan. Additional information regarding plan design is below.

Plan Design
Implementation Date New employees hired on or after 10/01/2019 and returning employees rehired on or after 10/1/2019
Employee automatic deferral rate 8% (can be changed by the employee at any time)
Vesting period 3 years
Employer match 100% match ($1 for $1 match)
Total employer contribution at max match Up to 8% of pay
Total employee + employer contribution at max match 8% + 8% = 16%
Suggested total savings rate 15%
Forms and guides

Hybrid Plan

Hybrid Plan (previously called Employee Retirement Investment Plan, or ERIP)
If you are ...Your core plan is ...Your voluntary plan options are ...
  • Active, benefit-eligible employee first hired on or after 10/1/2012 but before 10/1/2019
  • Returning, benefit-eligible employee hired on or after 10/1/2012 but before 10/1/2019, who was not vested upon termination
  • Returning, benefit-eligible employee hired on or after 10/1/2012 but before 10/1/2019, who was vested upon termination and took a full retirement plan distribution
  • The Hybrid Plan, consisting of:
    • A defined benefit portion (also known as a pension)
    • A defined contribution portion
  • 403(b)
  • 457(b)
  • Supplemental Retirement Plan (SRP) 401(a)
Forms and guides

Defined Benefit (DB) Plan

Defined Benefit (DB) Plan (previously called the Retirement, Disability, and Death Benefit Plan, or RDD)
If you are ...Your core plan is ...Your voluntary plan options are ...
  • Active benefit-eligible employee hired prior to 10/1/2012
  • Returning benefit-eligible employee who was hired on or after 10/1/2012 but before 10/1/2019 who was vested in the DB plan upon termination and did not take a retirement plan distribution
  • The Defined Benefit Plan, consisting of:
    • A defined benefit portion (also known as a pension)
  • 403(b)
  • 457(b)
  • Supplemental Retirement Plan (SRP) 401(a)

Voluntary Retirement Plans (VRP)

Voluntary Retirement Plans
All faculty and staff, regardless of benefit eligibility, are able to participate in University-sponsored VRPs:
  • 403(b)
  • 457(b)
In addition, benefit-eligible employees, only, may participate in the Supplemental Retirement Plan:
  • Supplemental Retirement Plan (SRP) 401(a)

Reviewed September 06, 2019.