In Basic Plan Participation in the basic plan begins on the first day of the month following 90 days of employment at the University for eligible employees. This waiting period may be waived if the employee has an existing account at another education institution with one of the Fund Sponsors. Employees who are eligible prior to the ninety day waiting period must notify the human resources department. Should an employee fail to respond to enrollment notification, these funds will be placed in a CREF account on behalf of the employee. The vesting schedule applies only to participants hired on or after June 1, 1991.
Any contributions made by the employee are always fully vested.
Temporary and student employees are not eligible for supplemental retirement plan benefits. In The Supplemental Plan Eligible employees, as defined above, also may open supplemental retirement accounts with one or more of the Fund Sponsors, on a voluntary basis at any time and without an initial waiting period. The University does not match these contributions. 5.10 Transfers Employees may transfer past accumulations from fund to fund or sponsor to sponsor at any time throughout the year, as stated in the summary plan description and plan document. 5.11 Loans Loans are made available to plan participants and are administered by the Fund Sponsor.