Retirement Program Regular or fixed-term employees working 20 hours or more per week and scheduled to work 720 hours or more per fiscal year may enroll in the Rensselaer Defined Contribution Retirement Program. Enrollment is effective the first of the month following the date of hire or on the first of any month thereafter following receipt of enrollment forms by the Treasurer's Office. Employees contribute 1 percent of gross earnings per pay period on a pretax basis. Rensselaer contributes 8 percent of the same applicable gross earnings. Supplemental Retirement Program Employees may shelter wages from federal and state taxes by electing to defer earnings to tax-sheltered annuities offered at Rensselaer.
Enrollment is effective on the first of any month following receipt of applicable forms.
Participation is subject to Internal Revenue Service limitations. Eligible full time employees are paid in full for up to eight days of sick time for each calendar year. Eligible part time employees with six months of service are paid for sick time based on the average number of hours worked per week. Otherwise, enrollment may take place during the open enrollment period to be effective January 1 of the next year. Rensselaer pays 75 percent of the cost of the premium.