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 2013-14 fiscal year, one-half of the SSTWB is $56,850. As of July 1, 2014, one-half of the SSTWB will be $58,500
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.
For more details view the CWRU Faculty & Key Administrative Employees Retirement Plan (Plan A) document (pdf)
Print the Plan A Summary Annual Report (pdf)
Supplemental Retirement Accounts (SRA) can establish pretax and/or after-tax Roth 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 2014 are limited by IRS maximum contribution allowance of $17,500.