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Procedure: Retirement Plan Enrollment and Changes
APPLIES TO:
Regular and Supplemental Faculty and Staff
ISSUED BY (DEPT):
University Human Resources
SPG NUMBER: 203.05
DATE: 10/1/2004
Procedure A: Procedures to Enrollment in the Basic Plan and SRA
| RESPONSIBILITY |
ACTION |
| Faculty or Staff Member |
Submits completed Salary or Annuity Option Plan Agreement and account application(s) for TIAA-CREF and/or Fidelity Investments to the Benefits Office.
- Forms must be received within 60 days of hire or benefit eligibility to request and receive Basic Plan contributions retroactive to date of hire or eligibility.
- Forms must be received by December 1 for faculty or staff hired or newly eligible at or near year-end to request and receive Basic Plan contributions retroactive to date of hire or eligibility.
- Forms received outside these time limits will be made effective with the next available pay period subject to processing deadlines.
|
| Benefits Office |
Determines eligibility for enrollment and elections chosen.
Forwards elections to Benefits Transaction Team. |
Benefits Transaction Team |
Processes submitted elections. |
Procedure B: Procedures to Change Investment Company
| RESPONSIBILITY |
ACTION |
| Faculty or Staff Member |
Submits Salary or Annuity Option Plan Agreement to Benefits Office indicating change in allocation of contributions to be sent to each company; submits application(s) for TIAA-CREF and/or Fidelity Investments if necessary.
- Allocation change for Basic Plan is listed as a percent of the total 5% employee and 10% University contribution (example: 50% TIAA-CREF and 50% Fidelity).
- Allocation change for SRA is listed as a whole dollar amount to contribute to each company (example: $100 to TIAA-CREF and $100 to Fidelity).
Elections are generally effective with the next available pay period subject to processing deadlines. |
| Benefits Office |
Determines eligibility for election chosen.
Forward elections to Benefits Transaction Team. |
Benefits Transaction Team
|
Processes submitted elections. |
Procedure C: Procedures to Cancel Enrollment in the Basic Plan
| RESPONSIBILITY |
ACTION |
| Faculty or Staff Member |
Submits Request to Cancel Participation to Benefits Office.
Elections are generally effective with the next available pay period subject to processing deadlines. |
| Benefits Office |
Determines eligibility for election chosen.
Forward elections to Benefits Transaction Team. |
Benefits Transaction Team |
Processes submitted elections. |
Procedure D: Procedures to Change or Cancel SRA Contribution Amount
| RESPONSIBILITY |
ACTION |
| Faculty or Staff Member |
Submits Salary or Annuity Option Plan Agreement to Benefits Office to increase, decrease, or cancel SRA contribution.
• List the total of the new contribution amount as a whole dollar figure to be made to each investment company, not just the amount of the increase or decrease.
• Enter "$0" to cancel the contribution.
Elections are generally effective with the next available pay period subject to processing deadlines. |
| Benefits Office |
Determines eligibility for election chosen.
Forward elections to Benefits Transaction Team. |
Benefits Transaction Team |
Processes submitted elections. |
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