You are eligible if you are not covered by the Tax-Deferred Retirement Plan and you work at least 1000 hours per year. Your benefit amount under the RAP is determined by a formula based on a percentage of your salary for each year that you participate in the plan. The amount calculated by this formula is a guaranteed benefit amount which is payable to you for life. You become fully vested in your RAP benefits after completing 1000 hours of service per year for 5 years.
Benefits are generally available only upon retirement.
You do not need to sign up for the RAP or contribute anything towards it. The University makes contributions on your behalf to a pension fund, to be used when you reach retirement. When you reach retirement, you will receive your fixed annual benefit amount based on the RAP formula shown above.