If you are a bargaining unit employee who was hired before January 1, 2002, you are eligible for this Plan.
If you are a bargaining unit employee who was hired on or after January 1, 2002, you become eligible for this plan once you complete two years of service.
About the Plan
The monthly retirement income you’ll receive from the Plan is based upon:
- Your length of service with the university;
- Your earnings and salary history while at the university; and
- Your age when retirement income payments begin.
When you can retire:
- Normal retirement date: The first day of the month or following your 65th birthday.
- Early retirement: As soon as you reach 55, provided you are fully vested.
- Late retirement: Generally, any time after your normal retirement date.
When you’re vested:
- 100% vested after five years of service, if you were first employed prior to January 1, 2002.
- 100% vested immediately upon becoming a participant, if you were first employed on or after January 1, 2002.