A. Regular employees, 18 years of age (or older), working 20 hours (or more) per week, for 20 weeks (or more) are required to participate in a retirement plan.
B. Faculty and Administrators (Bands 0000-3000) participate in TIAA-CREF. Given the difference between faculty and staff scheduling, covered faculty included in the TIAA-CREF retirement plan teach 6 semester credit hours in a non-adjunct capacity.
1. Employees receive credit for years of service during which they accrued retirement benefits under NDPERS, TFFR, and/or TIAA-CREF. Credit for TIAA-CREF years of service shall also include credit earned at other institutions, including out-of-state institutions, provided employee has a current TIAA-CREF contract (i.e. was not repurchased, or rolled).
C. All staff employees (Bands 4000-7000) participate in the North Dakota Public Employees Retirement System (NDPERS).
D. In the case of a transfer or promotion with different eligibility (as defined in points 2 & 3 above), an employee has the following options:
1. To not change plan participation:
a. In lieu of participation in the TIAA-CREF retirement plan, eligible employees having accrued retirement benefits under NDPERS may elect to continue participation in NDPERS.
b. In lieu of participation in the NDPERS retirement plan, eligible employees having accrued retirement benefits under TIAA-CREF may elect to continue participation in TIAA-CREF plan.
2. To change plan participation:
a. A NDPERS participant may cease funding the NDPERS retirement plan and participate in the TIAA-CREF plan.
b. A TIAA-CREF participant may cease funding the TIAA-CREF retirement plan and participate in the NDPERS plan.
3. In absence of an election to change plan participation within the qualifying event period the employee irrevocably waive the right to change plan participation.
E. TIAA-CREF Plan Document available on the NDUS site: http://www.ndus.edu/makers/procedures/sbhe/
F. Benefit contribution rates available on the Employee Services website:https://onestop.vcsu.edu/support/solutions/articles/10000050008
Sponsor: Vice President for Business Affairs
Reviewed: Winter 1996
Revised: May 2013