Retirement Plan

A. Fund Offerings

• Teachers Insurance and Annuity Association - College Retirement Equity Funds (TIAA-CREF)
• The Vanguard Family of Funds
• The American Funds

TIAA-CREF is the sole recordkeeper for the University's retirement plan

B. Coverage

The Plan is a tax-favored retirement plan that the University of Richmond (the "University") has established for the benefit of its employees. The Plan allows all employees to make pre-tax contributions out of their pay. In addition, the University makes certain types of employer contributions under the Plan for employees who meet specified eligibility requirements. Employees who participate in the Plan are permitted to elect how these contributions will be invested. The Plan allows you to invest these contributions in one or more funds provided by the fund sponsors available under the Plan.

The University of Richmond Retirement Plan is a defined contribution program governed by Sections 403(b) and 403(b)(7) of the Internal Revenue Code.

C. Enrollment

The Plan consists of two parts. The first part permits all employees to make pre-tax contributions out of their pay through salary reduction agreements. The second part of the Plan permits employees who meet certain eligibility requirements to receive employer contributions. Individuals who are independent contractors are not eligible to participate in the Plan as employees. If an individual is classified as an independent contractor by the Plan Administrator, such individual will be deemed to be ineligible. The Plan Administrator will notify you when you are eligible to participate in the Plan. All determinations about your eligibility and participation in the Plan will be made by the University. The University will base its determinations on its records and the official plan document on file with the Plan Administrator.

All employees except for student employees are eligible to make pre-tax contributions to the Plan as soon as they begin employment. Pre-tax employee contributions are referred to under the plan as "salary reduction contributions." Student employees are those employees who are regularly enrolled students and whose wages are generally exempt from FICA tax withholding.

All employees who have completed a year of service, and have reached age 21 are eligible to participate in the employer contribution portion of the Plan. Once you have satisfied these eligibility requirements, you must complete the online enrollment process to participate in this portion of the Plan. If you do not enroll, an account will be established for you and the University will make the 5% contribution into the TIAA Lifecycle Fund closest to the date of your retirement.

The year of service requirement will be waived if a new Staff member has been employed at an institution of higher education for the full twelve (12) months immediately preceding his/her date of hire.

In the case of a faculty member, the year of service requirement will be waived if they were employed at an institution of higher education for the full academic year immediately preceding his/her employment with the University. 

 The Employee may change funds for future and/or past contributions at any time.

To enroll online, go to www.tiaa-cref.org/richmond

D. Employer Contributions

If you are eligible to participate in the employer contribution portion of the Plan, the University may make "basic contributions" and "matching contributions" on your behalf.

Basic contributions are contributions made by the University on behalf of each eligible employee who is credited with a year of service during the plan year. The basic contribution is 5% of your base salary paid during the plan year. No contribution is required by the Employee to receive this contribution on his/her behalf.

Matching contributions are contributions made by the University on behalf of each eligible employee who is credited with a year of service during the plan year and has made a salary reduction contribution during the plan year. If you satisfy these criteria, the University will match 100% of your salary reduction contributions made in whole percentages up to 5% of your base salary paid during the plan year.

Therefore, the total maximum contribution that will be made by the University on the Employee's behalf is 10% of the participants base salary paid during the plan year.

E. Vesting

All employee and employer contributions are vested immediately.

F. Distributions

The retirement plan has been established to assist with income security during retirement. Upon retirement you may access your retirement accumulations by establishing an annuity (monthly or periodic payments), partial lump sum distributions or a total lump sum distribution. Additional questions on annuity options or lump sum distributions may be directed to TIAA-CREF at 1(800)842-2776. Should an Employee leave University employment, his/her retirement accumulations may be left with TIAA-CREF. The Employee may rollover his/her retirement accumulations to another vendor or withdraw the retirement accumulations. If the Employee is under age 59 1/2 and elects a cash distribution of his/her retirement account, then he/she will be penalized for an early retirement withdrawal as dictated by federal laws.

Accumulations in a TIAA guaranteed fund are subject to withdrawal over a ten (10) year period only, as designated by the annuity contract.

For more information see the summary plan description or contact Human Resource Services at 289-8877.

Early Retirement Plan

1. Purpose.  The University of Richmond(the "University") has established an Early Retirement Plan(the "Plan") as an opportunity for certain eligible Staff Employees to relinquish their positions in exchange for certain benefits from the University. The benefit consists of two parts: 1) certain perquisites associated with active employment status as described in Section 6 below; and 2) medical benefits as described in section 5 below.  No benefits are available under the Plan except as specifically provided by the terms of the Plan.

2. Definitions.  The following definitions apply to the Plan:

     a)  An employee's "Effective Date" is the date specified in the employee's written and signed election form and approved by the Department of Human Resource Services. In general, the Effective Date will be sixty(60) or more calendar days from the date the form is submitted,  The determination of the Effective Date by the Associate Vice President of Human Resource Services is, however, binding and final.

     b) "Years of Employment" are the number of years in which the Staff Employee has been actively employed as a Part-Time Employee or Full-Time Employee by the University.  Work as a Casual or Temporary Employee for the University will not be included in this definition.  For purposes of computing an employee's Years of Employment, a period during which the employee is absent on an Approved Paid Leave of Absence will be included when calculating Years of Employment.  A period during which the employee is absent on an Approved Unpaid Leave of Absence is not considered service with the University for purposes of calculating Years of Employment.  While part-time work may count toward the total number of Years of Employment, it is required that the employee serve the consecutive 10-year period immediately preceding his/her Effective Date as a Full-Time Employee.  The University shall have discretion in determining a Staff Employee's Years of Employment and its determination and interpretations shall be final and binding.              

Notwithstanding any provisions of this Plan to the contrary, service with respect to qualified military service will be administered in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994 and the special rules relating to veterans' reemployment rights under Internal Revenue Code Section 414(u).  Accordingly, an Approved Unpaid Leave of Absence for qualified military service will be deemed service with the University for purposes of calculating Years of Employment.

     c) A "Staff Employee" is an employee whose primary job responsibilities are in the areas of administrative/management support, librarians, clerical support, service/maintenance support and dining service operations.  An employee who is a member of the teaching faculty is not eligible for the Plan.  The University shall have discretion in determining if an employee qualifies as a Staff Employee and its determination shall be final and binding.

     d)  A "Full-Time Employee" is an employee who is scheduled to work between 38.75 and 40 hours per week for a period of no less than nine months per year, or 30 hours per week for the full 12 months.

     e)  A "Part-Time Employee" is an employee who is regularly scheduled to work less than 1,511 hours per year.

     f)  A "Temporary or Casual Employee" is an employee who works on an "as needed" basis for a specific project or a limited duration of time and whose weekly hours can vary.

     g)  The employee's "Age" is defined as his/her age rounded down to the nearest whole year.  Partial years do not count.

     h)  "Paid Work" is work for which the employee receives compensation from the University and includes time actually worked, vacation time, sick leave, holidays, bonus vacation and funeral leave.

     i)  "Approved Paid Leave of Absence" is leave time for which the employee is paid by the University and includes vacation, holiday, sick leave, or funeral leave.

     j)  "Approved Unpaid Leave of Absence" is a period during which the employee is excused from work by the University and for which the employee receives no compensation.

     k)  A "Break in Service" occurs when an employee terminates from University employment.

3.  Eligibility.  To be eligible to elect to retire early under the Plan, an employee must be a Full-Time Staff Employee of the University, between the Ages of 60 and 65 on his or her Effective Date.  In addition, the employee's combined Age and Years of Employment must equal or exceed a total of 80 by his/her Effective Date.  Should an employee incur a Break in Service and return to the University employment, he or she may qualify for the Plan.  However, upon his/her return to the University, the employee must, in this instance, work a minimum of 10 years of consecutive and continuous full-time paid employment immediately preceding his/her Effective Date to be eligible.

Notwithstanding the forgoing, an Approved Unpaid Leave of Absence for qualified military service will be deemed service with the University for purposes of eligibility and included in the 10 years of consecutive and continuous full-time paid employment requirement.

Notwithstanding the forgoing, if an employee takes on or more Approved Unpaid Leave of Absence for qualified family and medical leave during the 10 year period immediately prior to his/her Effective Date, such leave will not be considered a break in consecutive and continuous full-time paid employment.  However, periods of time during which an employee is on an Approved Unpaid Leave of Absence for qualified family and medical leave will not count toward the 10 years of consecutive and continuous full-time paid employment requirement.

4. Elections.  A Staff Employee who wishes to retire early under the Plan must elect to relinquish his or her position and work responsibilities in exchange for benefits under the Plan.  Unless otherwise provided, all elections shall become irrevocable seven(7) days after they are made.  An election shall be made by submitting a written election to Human Resource Services using the form attached to the Plan, which includes a General Release.  An eligible Staff Employee must provide 60 days' notice to relinquish his/her position, unless shorter notice is acceptable to the University and approved by the Associate Vice President of Human Resource Services.  The 60-day notice period will commence when the election form is stamped as received in the Department of Human Resources, not when the election form is signed by the employee.