Terms
You Should KnowTo
help you understand your Retirement Plan, you should understand the terms used
in calculating your retirement benefit and its distribution. Choose
one of the terms below to see its definition. When you are done and wish to return
to this list, click on "Return to Top" below each definition.
Base
Salary
Base salary is your base pay from the University,
excluding overtime, one-time payments, overbase payments, commissions and bonuses,
or the value of any employee benefits. Base salary amounts contributed under a
salary reduction agreement to a 403(b) plan or to the Flexible
Benefits Program will be included in base salary for Retirement Plan purposes.
The
tax laws have a maximum limit on the annual amount of compensation
that a retirement plan may take into account for contribution
purposes. This limit for 2008 is $230,000.
[Return
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Integration
Level
For 2008, the integration level amount is $34,300. It
is adjusted each calendar year based on the Wage Base Increase
calculated for purposes of the Social Security law, or the
increase in the Consumer Price Index (Wages), whichever is
smaller.
An
adjustment in the University’s contribution percentage based on a change in your
age is made at the beginning of the month in which you attain the new age. [Return
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Qualified
Domestic Relations Order
A domestic relations order is a judgment, decree
or order (including an approval of property settle agreement) that:
- Relates to the
provision of child support, alimony payments or marital property rights to a spouse,
former spouse, child or other dependent of a participant, and
- Is made pursuant
to a state domestic relations law (including a community property law).
A
domestic relations order is qualified if it creates or recognizes the existence
of an alternate payee’s right, or assigns to an alternate payee the right, to
receive all or a portion of the benefits payable to a participant under a plan,
specifies required information and does not alter the amount or form of plan benefits.
An alternate payee is a spouse, former spouse, child or other dependent of a participant
who is recognized by a domestic relations order as having a right to receive all,
or a portion of, the benefits under a plan with respect to the participant. [Return
to Top]
Transfer
Payout Annuity (TPA)
You may transfer your money from TIAA
to CREF over a 10-year period through the TPA. Eleven payments will be made
automatically if you elect this transfer option. Ten percent of the total amount
will be transferred as soon as the TPA contract becomes effective. The remaining
90% will be transferred in 10 substantially equal annual installments on the last
day of each TPA contract year. [Return
to Top]
Vesting
Vesting is the term for gaining full ownership in a benefit provided to you
by a plan. You are always fully vested in all the benefits provided to you by
the Retirement Plan. [Return
to Top]
Year
of Service
A year of service is a twelve-month period in which you complete
at least 1,000 hours of service. [Return
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