Cost of insurance based on Age and level of long-term care coverage. Flex deductions are not subject to federal or state income taxes or Social Security tax. University matches employee s contribution Mandatory participation when employment is at least 960 hours per fiscal year, otherwise coverage is optional. Employee is vested after five years of service. Eligible for retirement benefit at age 65 with any number of years service, age 60 with 5 years of service, or at any age with 30 years of service.
Retirement is based upon salary and years of service.
Reduced benefit for early retirement. Death benefits for beneficiary. Federal income taxes on contributions are deferred until retirement or withdrawal. Employee may participate in a voluntary tax deferred or tax sheltered annuity retirement plan up to the maximum limit allowed by the Internal Revenue Code. Funds are withheld from the paycheck before federal and state taxes are computed thus deferring taxation until retirement or receipt of the funds.