The Faculty Retirement Plan (FRP) is a defined contribution plan wherein monthly contributions of seven percent of pay up to the IRS Section 401(a) compensation limit, will be made to the company of your choice from a list of University approved companies. Upon attaining tenure or completion of seven years of service, the University will contribute 11% of pay up to the IRS Section 401 (a) compensation limit. You are always 100% vested in these contributions. Your benefit at retirement will be based on the total amount accumulated in your account(s). You decide how to invest your benefit by selecting among funds offered by five University approved investment companies - Fidelity Investments, Lincoln Financial Group, TIAA-CREF, T. Rowe Price, and VALIC.
The FRP plan is closed. All faculty hired on or after June, 1, 2007 are eligible for the Retirement Savings Plan.
University contributions are always 100% vested. Your benefit at retirement will be based on the total amount accumulated in your account.
For more information, please contact HR-Benefits Administration at 305-284-3004.