V703.10 Retirement Policies
VCSU regular, benefitted employees, who are at least 18 years of age, work at least 20 hours per week for 20 weeks or more, and whose positions are regularly funded and not of limited duration (i.e. permanent) participate in either a TIAA or NDPERS main retirement plan based on their NDUS broadband job classification.
1. Employees in NDUS broadband job classifications 0000-3000 participate in TIAA.
a. Employees shall be given credit for the years of service during which they accrued employer-sponsored retirement benefits under the North Dakota Public Employees Retirement System, North Dakota Teachers' Fund for Retirement, and/or TIAA. Credit for TIAA years of service shall also include credit earned at other institutions, including out-of-state institutions, provided the employee has a current TIAA contract (i.e., was not repurchased). These plans do not qualify if an employee withdrew proceeds from the employer-sponsored plan or if they were plans with employee contributions only (such as a 403b or 457b).
b. TIAA retirement plan documents: https://www.tiaa.org/public/tcm/ndus
2. Employees in NDUS broadband job classifications 4000-7000 participate in the North Dakota Public Employees Retirement System (NDPERS).
a. NDPERS retirement plan documents: https://www.ndpers.nd.gov/active-members/retirement-plans-active-members
3. Employees that switch between NDUS broadband job classifications 4000-7000 and 0000-3000 have an option to change retirement plans between NDPERS and TIAA.
a. Employees will have 60 days to decide to remain in or switch retirement plans following the new position effective date.
b. In absence of a written election within the qualifying event period, the employee irrevocably waives the right to remain in their current retirement plan and will be placed in the retirement plan assigned to that NDUS broadband job classification.
References
SBHE 703.02
NDUS HR Policy 10
Sponsor: Vice President for Business Affairs
Reviewed: Winter 1996
Revised: October 2023