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current as of 6:46 a.m., Jan. 29, 2015
Staff may voluntarily participate in the Defined Contribution Retirement Annuity. Faculty must, as a condition of employment, participate in the Defined Contribution Retirement Annuity at age 30 once they have completed one year of service.
Participation in the Defined Contribution Retirement Annuity can begin on the first full pay period of the month following satisfaction of all eligibility requirements. Employees must contribute 5 percent of base/contracted salary into the Defined Contribution Retirement Annuity; at the same time, the University will contribute 9 percent of base/contracted salary into the annuity.
Employees can allocate contributions into any approved TIAA-CREF investment option. These options range in risk from low to moderate to high. Please refer to www.tiaa-cref.org or the most current Performance Update for investment performance information.
All contributions into the Defined Contribution Retirement Annuity are pretax. Vesting is immediate regardless of length of service.
Application for the contracts as well as a salary reduction agreement must be completed to begin contributions into the Defined Contribution Retirement Annuity. All materials required for enrollment are available in HRD. Please contact your designated HR Service Partner for enrollment meeting schedules.
Changes to the Defined Contribution Retirement Annuity can be made directly with TIAA-CREF (such as reallocating premium, address changes or updating beneficiary information) at any time via mail, the TIAA-CREF Counseling Center or the Internet. Changes to the contribution amount into the Defined Contribution Retirement Annuity can be done via the completion of a revised salary reduction agreement submitted to HRD.
An individual consultant from TIAA-CREF visits the campus monthly to conduct one-on-one counseling sessions with participants. Employees interested in meeting with the TIAA-CREF representative, should visit the TIAA-CREF website to schedule a meeting. Instructions can be located on the forms page.
For a detailed explanation of all plan guidelines, refer to the Summary Plan Description.
Questions regarding this policy should be directed to your designated HR Service Partner.
For additional information, including the salary reduction agreement, please visit the forms page.
For information regarding Web Seminars offered by TIAA-CREF please visit http://www.tiaa-cref.org/public/advice-planning/webinars-seminars/index.html.
This page is designed to summarize the University of Hartford's Defined Contribution Retirement Plan. It is not intended to be all inclusive. Where there are differences between the provisions of this website and more specific statements contained in University files (such as plan documents), those statements shall control.