The Retirement Savings Plan (RSP) 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 after you complete the one year waiting period and complete 1,000 hours during the waiting period. You will be automatically enrolled for a 1.5% of pay voluntary contribution after you complete the one year waiting period and complete 1,000 hours during the waiting period unless you opt out. Pay is limited to IRS Section 401(a) compensation limit and contributions are subject to federal limits. You may choose to direct these contributions to one of the University approved investment companies. With the RSP, faculty and staff increase their retirement dollars in three ways: through University core contributions, University matching contributions and personal contributions to the RSP Voluntary Savings Plan.
University core contributions vest after three years. Your voluntary contributions and University matching contributions are 100% vested immediately. 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.