STAFF NON-CONTRIBUTORY RETIREMENT PLAN "PLAN C"
As of July 1, newly hired staff who are not executives or senior staff will participate in a retirement plan known as a 403(b) account. Under this model, employees may choose how to allocate retirement savings among investment options managed through selected providers. At Case Western Reserve, those providers are TIAA-CREF and Vanguard, and they also will be the providers for the new 403(b) program
This program, known formally as the Staff Non-Contributory Retirement Plan (SNCRP), will be listed as “Plan C” within our benefits offerings. For new staff members, this model replaces the program known as Plan B, also known as a defined benefit plan. Again, those staff already in Plan B will continue in it as they have been. Under Plan B, the university contributes and manages those funds designated for retirement. That is, the individual does not have the option of choosing among different investment options that TIAA-CREF and Vanguard provide.
Case Western Reserve is providing this 403(b) program to select new staff in accordance with accelerating national trends across the private sector and higher education, as well as more recent changes to federal legislation. The 403(b) model gives employees greater control over their retirement investment options, and at the same time gives the institution a more complete and consistent sense of the annual resources it needs to devote to retirement programs. This model will enhance Case Western Reserve’s ability to plan over the long term, and in turn to continue to be competitive in the compensation, benefit and retirement programs offered to all employees.
All newly hired staff eligible for the Staff Non-Contributory Retirement Plan “Plan C” will receive detailed written information regarding retirement plan options, as well as regular opportunities to meet with representatives of TIAA-CREF and Vanguard. Current employees who have questions can attend one of this month’s open information sessions.
ROTH 403(b) SUPPLEMENTAL RETIREMENT ACCOUNT AVAILABLE
TIAA-CREF AND VANGUARD: ONLINE ACCESS TO PLAN INFORMATION, INVESTMENT OPTIONS, AND ENROLLMENT
Click here to view investment options and enroll on-line with TIAA-CREF.
Click here to view investment options and print out the enrollment form for Vanguard.
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.
Make the most of the possibilities. Schedule a one-on-one session with a retirement consultant. See upcoming counseling dates in 2015
IMPORTANT INFORMATION ABOUT MEDICARE
The Ohio Senior Health Insurance Information Program (OSHIIP), a part of the Ohio Department of Insurance, is the state's official source for free and unbiased Medicare information and counseling. Please visit www.insurance.ohio.gov and click on "Medicare Services" for details. The phone number for the OSHIIP Consumer Hotline is 800-686-1526.