Retirement & Financial
Depending on the employee's title and classification, the employee must enroll in one of the three types of retirement plans offered. If you are uncertain of the plan available to you, please contact the Office of Human Resources.
ALTERNATE BENEFITS PROGRAM (ABP)
The Alternate Benefit Program is a tax-deferred, defined contribution retirement program for higher education faculty (including adjuncts), and certain managers and administrators. This program provides retirement benefits, life insurance, long-term disability coverage and loans. Members contribute 5% of their base or contractual annual salary, and are matched by an 8% employer contribution to a tax-deferred investment account. There are six investment carriers to choose from:
- Corebridge (formerly VALIC/AIG)
- Empower Retirement (formerly Mass Mutual)
- Empower Retirement (formerly Prudential)
- Voya Financial
If employment terminates during the initial year of participation, the employee contributions may be withdrawn, plus or minus any gains or losses on the selected investments. The employee is not entitled to the University's contributions if employment is terminated during the initial year of participation. If employment terminates after one year of service, contributions made by the University, as well as the employee, are fully vested.
PUBLIC EMPLOYEES' RETIREMENT SYSTEM (PERS)
Permanent, full-time employees that are covered by the CWA and IFPTE collective bargaining agreements are eligible to enroll in the Public Employees' Retirement System from the date of employment. Temporary or provisional employees can enroll after one year of service. Members of this program contribute 7.5% of their annual base wages.
POLICE AND FIREMEN'S RETIREMENT SYSTEM (PFRS)
New employees who are hired as permanent full-time law enforcement officers or campus police officers must enroll in the Police and Fireman's Retirement System. In order to be eligible, employees must meet the required age and medical criteria for membership. Members are required to contribute 10% of their annual base salary.