Retirement Planning

Policy no. IV-5
Effective date: 01/01/2002
Scope: all senior staff and staff employees
Exclusions: faculty, executive staff, and student employees


Policy Statement

The university offers the opportunity for employees to plan for their long-term security through retirement planning programs designed according to the overall compensation philosophy. As a part of the comprehensive compensation package, the university will automatically contribute to a retirement fund for eligible participants. In addition, the university offers eligible employees the opportunity to make their own contributions to a supplemental retirement account.

Employees in Benefit Categories 0 and 1--and any employee contributing to a supplemental plan--will be able to choose among available investment vehicles. Employees in Benefit Categories 2 and 3 will have their university-provided retirement funds in a trust account managed by an independent trust administrator.

The university, through the Benefits office, is responsible for:

  • Reviewing and analyzing retirement plan programs on a regular basis for competitive practices
  • Insuring that employees are receiving optimal investment plan opportunities
  • Modifying plan design and investment choices as necessary
  • Complying with tax and legislative issues
  • Selecting talented and ethical fiduciary advisors
  • Communicating the retirement plan design, changes, and opportunities in clear, concise language to all employees.

Each eligible employee is responsible for:

  • Reviewing all university retirement plan communications
  • Recognizing the need to evaluate and combine the university plan with other available retirement resources such as Social Security and personal savings.

Employees in Benefit Categories 0 and 1 and any employee contributing to a supplemental retirement plan are also responsible for:

  • Selecting the investment funds appropriate for their personal circumstance
  • Monitoring performance of selected investment funds
  • Responding to plan changes or choices in a timely manner.

For current eligibility information and specific plan descriptions, employees should refer to the benefit program brochures and the retirement planning documents. No hiring authority may make exceptions to the retirement plan program due to extensive legislative controls; any unusual requests for exception by a candidate should be referred to the Benefits office. The university may offer forums on retirement planning, but no forum shall be construed as mandatory or as an implied endorsement from the university.

Policy Administration: Benefits office.

References: Summary plan descriptions, Benefits brochures, Retirement Planning at Case, Plan Summary Brochures, Social Security Office, IRC 401(a), 403(b)(1), 403(b)(7), and ERISA