Plan entry date - the first of the month beginning after the date that the employee has met the participation requirements set forth in the eligibility requirements explained above. If an eligible employee decides not to participate there will not be another opportunity to join the plan. The necessary form is available in the Benefits Office. The form must be verified as contributions to the plan will not be permitted until the form is provided to the Benefits Office. No contributions or deductions are made in July and August.
Deductions come out of the second pay of the month for biweekly paid individuals.
Participants should always check their quarterly statements for accuracy. This means that the participants must pay the federal taxes on this money at the time they receive pension money as income. Details of the CREF accounts are available in the prospectus provided by CREF and available in the Benefits Office. An individual can change the allocations for the accounts at any time. Money being transferred from CREF to TIAA, or, between the CREF accounts can be moved on any business day.