A state program which requires you to contribute a set percentage from your salary, and is matched by the University in building retirement service credit for you. You may receive benefits when you retire, leave it to become available if you leave the university before retirement, or withdraw your contributions with some restrictions if you leave before retirement age. Retirement benefits are based on your length of employment, age at retirement and your highest average salary. Current investment of funds through TIAA-CREF only.
Early entry is optional.
A set percent is deducted from your pay tax deferred, and is matched by the university. You select the investment options that suit your goals. You may draw benefits from this fund upon retirement or separation or leave it to accumulate until a later retirement date. All employees may make additional contributions to an additional Tax Sheltered Account through payroll deduction. There are annual limits which cannot be exceeded.