http://www.tiaa.org/ (available to benefits eligible faculty and exempt staff)
ISU Micro site: http://enroll.tiaa.org/indstate/
New Investments: In 2011, ISU added new investments for your TIAA accounts. To see all investments offered at ISU, please go to : http://enroll.tiaa.org/indstate/inv_opt_home.html
TIAA was founded in 1918 to help people in the education and research community to build financial futures. Today they are one of the largest pension systems in the world managing approximately $260 billion in assets for more than 2.5 million people. ISU has participated in a TIAA program since 1937.
I. Purpose. A revised TIAA retirement plan was established for Indiana State University effective July 1, 1967, by action of the Indiana State University Board of Trustees at the May 26, 1967, meeting. This plan was modified effective November 1, 2008, by action of the Indiana State University Board of Trustees at the October 24, 2008 meeting.
II. Participation. Staff members eligible for participation are all regular full-time members of the faculty and executive/administrative/professional staff. One-year appointees are not eligible for participation in this program. Participation of eligible staff members shall be mandatory.
For eligible new hires that began work on or after July 1, 2004, the following applies:
· Immediate contributions paid in full by the University - no waiting period.
· No required contribution made by the employee.
· Immediate vesting (ownership of contracts by participating employee).
· Investment Options – Contributions default to the Life Cycle Funds unless otherwise allocated by the participant.
III. Plan Year. The plan year for this retirement plan shall be the University fiscal year, July 1 through June 30.
IV. Contributions. Contributions to this retirement plan shall be 10 percent of the annual paid base appointment salary. (Employees hired under previous contribution schedules have their contribution rates grandfathered.)
Indiana State University shall forward the contributions to TIAA for the purchase of retirement benefits for the participant. At the election of the participant, premiums shall be allocated into the ten annuity and equity investments or the nine (9) Investment Solutions Mutual Fund.
Participants may elect to apply additional individual contributions through the use of the University's Tax Deferred Annuity Program for the Supplemental Retirement Annuity or the Deferred Compensation Plan.
V. Contracts. Each TIAA retirement annuity contract and CREF certificate issued in accordance with Section IV of this plan is for the sole purpose of providing a retirement and/or death benefit and is the property of the individual participant.
VI. Leave of Absence. During a leave of absence with pay, Indiana State University will continue contributions based on eligible salary paid while on leave of absence. Contributions shall not be continued during a leave of absence without pay.
VII. Repurchase. In the event a participant in TIAA and/or CREF leaves the employ of Indiana State University for reasons other than retirement or disability and requests repurchase of his annuity, the University will approve such repurchase provided it meets the conditions under which TIAA will repurchase annuities automatically.
VIII. Cashability. A cash settlement retirement option under the TIAA retirement program effective July 1, 1994. Employees with less than five years of contributions may withdraw total accumulations upon termination of employment with the University subject to any statutory regulation and/or IRS penalties. Employees with more than five years of contributions will be able to select the cash option upon attainment of age 55 and termination of employment with the University or upon retirement under the University retirement policy subject to any statutory regulations and/or IRS penalties. Release of liability signed documentation will be required.
IX. Amendment. While it is expected that this plan will continue indefinitely, Indiana State University reserves the right to modify or discontinue the plan at any time.
Effective Date: This resolution amends and supersedes the Revised TIAA-CREF Retirement Resolution approved by the Indiana State University Board of Trustees on March 7, 1997. This amendment resolution is effective November 1, 2008.