Common use of Multiple Option Retirement Program Clause in Contracts

Multiple Option Retirement Program. a. The University shall provide all employees who are regularly scheduled to work thirty (30) or more hours per week and who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Employees may enroll in the program after completion of thirty-six (36) months of active service. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive. b. Two (2) tax-deferred retirement plans are currently available: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services Office. The University and the Association may mutually agree to add other plans or to disassociate from any of the above plans. c. Effective July 1, 1999, the University shall contribute fourteen percent (14%) of each participating employee’s salary on a monthly basis. The University’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The University does not guarantee a return of principal or earnings on investments.

Multiple Option Retirement Program. a. The University shall provide all employees who are regularly scheduled to work thirty (30) or more hours per week and who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Employees may enroll in the program after completion of thirty-six (36) months of active service. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive. b. Two (2) tax-deferred retirement plans are currently available: TIAA-CREF TIAA and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services Office. The University and the Association may mutually agree to add other plans or to disassociate from any of the above plans. c. Effective July 1, 1999, the University shall contribute fourteen percent (14%) of each participating employee’s salary on a monthly basis. The University’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The University does not guarantee a return of principal or earnings on investments.