Retirement Plans
Social Security
All Case Western Reserve University employees are covered by the Federal Social Security Program, with both Case and each employee contributing 6.2 percent of their earnings from each paycheck until their earnings reach the annual social security maximum. For the year 2008, maximum social security earnings are $102,000. Additionally, Case and the employee both contribute 1.45 percent of their total earnings, with no maximum earnings, to Medicare.
You can retire at any time between age 62 and full retirement age as shown on the Social Security Age Reduction Chart. Life income for total permanent disability. Lump sum payment on death. Monthly income for qualified survivors. Medical benefits at age 65 or upon retirement, whichever is later
You can visit the Social Security Administration web site to request a Personal Earnings and Benefit Estimate Statement (PEBES). This is a statement of your lifetime earnings and an estimate of your benefits. You also can find additional information about Social Security and how it affects your retirement.
Benefits Categories 0,1
Faculty and Key Administrative Staff
Retirement Plan A This defined contribution plan is provided for all faculty (as defined by title in the university Faculty Handbook) and key administrative staff (defined within the plan as staff employees in university compensation program pay grades 18 and above). Further details are provided in the Plan A document. Participants must be age 21 or older and have at least one year's work experience in a benefits-eligible position in a college, university or research institution.
The university makes a pretax contribution to a qualified investment account with one of two investment carriers, TIAA-CREF or Vanguard. Effective July 1 of each year the university contributes monthly payments. This contribution is equal to 8 percent of salary up to one half of the Social Security taxable wage base (SSTWB) and 12 percent of salary above one half of the SSTWB, up to the IRS maximum annual salary. For the 2008-09 fiscal year, one-half of the SSTWB is $51,000.
Employees are responsible for choosing which funds will be used for the Plan A contribution. Retirement contributions may be distributed to different funds within your Plan A account.
Print the Summary Annual Report  (pdf)
Supplemental Retirement Accounts can establish pretax contributions through monthly payroll deduction. These contributions may be established by visiting the Benefits office on the second floor of Crawford Hall and completing a Plan A Salary Reduction Agreement Form. The same funds available through TIAA-CREF and Vanguard for investment of Plan A Retirement contribution are also available for SRA investments. SRA contributions for 2008 are limited by IRS maximum contribution allowance of $15,500.
Benefits Categories 2,3
Exempt and Nonexempt Staff Employees
Retirement Plan B provides a monthly retirement pension with an option for a lump sum cash payment for benefits accrued after July 1, 1992. Annual accrual cash balance is based on 7 percent of the employee's earning for the fiscal year (July 1 - June 30). Interest is compounded annually based on the five-year U.S. Treasury Bill rate as of the last trade date in June of the prior fiscal year, with a guaranteed minimum of 6 percent.
Staff are eligible after one year of service with Case or upon employment with at least one year of service from another university or related research institution. Benefits vest after five years of service. Further details are provided in Staff Retirement Plan B: An investment in your future.
Special Notice to Retirement Plan B Participants
Print the Summary Annual Report (pdf)
Supplemental Retirement Plan C provides the opportunity for staff to participate in this voluntary supplemental, tax-deferred retirement plan 403(b)(7) with investment carriers, TIAA-CREF and Vanguard. The university will match 50 percent of your contribution on the first 4 percent of your salary reduction. Supplemental retirement contributions are limited by IRS maximum contribution allowance of $15,500 for 2008. Further details are provided in Staff Supplemental Retirement Plan C: Time to focus on your future. Print the Plan C Staff Salary Reduction Agreement and Investment Election form (pdf).
|
