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Retirement Plans
  • Capital University makes contributions as required by law to the Social Security Administration. Additional contributions under the University's retirement sponsored plan are made on behalf of eligible employees. 
     

    The University contributes to employees' retirement savings and gives eligible employees the opportunity to increase retirement savings through the plans described below.

    Social Security

    The University pays a set percentage (in relation to the employee's income) to the federal Social Security system on each employee's behalf. The University also makes a mandatory deduction from the employee's pay for their share of Social Security contributions. The amount of the University share and the employe's share of the total contribution is established by the Social Security Act. The amount paid upon retirement from Social Security is determined by the Social Security Administration.

    University Retirement Plan

    Capital University’s sponsored 403(b) defined contribution plan is provided by TIAA-CREF.  Currently, the University contributes an amount equal to 9% of an employee's base wage to the plan. Employees may contribute additional dollars via payroll reduction into the same Retirement Annuity or they may open a Supplemental Retirement Account (SRA). The university’s retirement plan is self-directed, in that the employee decides how the funds in the account are invested amongst several options. The income received at retirement is based on the value of the account.

    Eligibility

    Active half time or greater employees are eligible to enroll in the plan. There is no waiting period for contributions and there is immediate vesting in the plan.

    Enrollment

    Newly eligible employees must establish their account by completing the appropriate paperwork as provided by Human Resources.

    Changes

    Changes in an employee’s level of personal contributions may be made at any time by submitting a Voluntary Salary Reduction Agreement (PDF) to the Human Resources Office. Changes to the allocation of an employee’s investments may be done by contacting TIAA-CREF directly.

    Restrictions

    Federal guidelines limit the amount that may be contributed via payroll reduction.

    Links

    403(b) Voluntary Salary Reduction Agreement (PDF)
    TIAA-CREF Website
    403(b) Plan Document (PDF - employee login required)
    Planning Tools and Calculators
    Video: How to Build a Diversified Portfolio
    Video: How to Plan for Your Financial Future
    Video: How to Prepare for a Financial Advice Session