The University of Miami’s Board of Trustees has approved changes to the University’s retirement plans that will provide faculty and staff with more flexibility for plan distributions. Effective June 1, 2013, participants will be eligible to elect a 100 percent lump sum distribution after separation from service at the University. For more details, click here.
Whether you are planning to retire in five, 10 or 25 years, it is important to plan early. To help you get started, please click here to view the Retirement Savings Plan (RSP) information sheet. You may also schedule an on-campus consultation with a retirement consultant from Fidelity (1-800-642-7131) or TIAA-CREF (1-888-488-3420).
The Retirement Savings Plan is a defined contribution plan in which the University makes an automatic core contribution of 5% of pay with a dollar-for-dollar match on voluntary contributions up to an additional 5% of pay (up to IRS limits) after one year of employment. Participation is open to faculty and staff hired on or after June 1, 2007, or who elected to transfer to this plan from the Employees’ Retirement Plan or from the Faculty Retirement Plan.
The Employees’ Retirement Plan is a defined benefit plan which calculates your retirement benefit using two different formulas. Participation is limited to employees hired prior to June 1, 2007 who did not transfer to the Retirement Savings Plan.
The Faculty Retirement Plan is a defined contribution plan wherein monthly contributions of 7% of pay will be made to the company of your choice from a list of University approved companies. Participation is limited to faculty hired prior to June 1, 2007 who did not transfer to the Retirement Savings Plan.