FOREWORD - Wentworth Institute of Technology

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WIT Employee HandbookSection IV: BenefitsIV D. RETIREMENT AND ANNUITY PROGRAMAll regular full-time employees and regular part-time employees working 1,000 hoursor more per year may participate in the Wentworth Institute of Technology retirementpension program as indicated below. This program is a “defined contribution”program under the Teachers Insurance and Annuity Association/College RetirementEquities Fund (TIAA/CREF). Employees own personal contracts with TIAA-CREF.1. ELIGIBILITYAll regular full-time and part-time employees may participate in the retirementannuity program upon completing one full year of satisfactory employment. Facultymust complete one full year of continuous service to become eligible. The year waitis waived if employee has been in a similar program at another institution for at leastfive years and can provide documentation.2. CONTRIBUTIONSa. Non-exempt (hourly) employeesWentworth will contribute an amount equal to 10 percent of the non-exempt (hourly)employee's base salary to the annuity contract after one year of employment.b. Exempt (salaried) employeesWentworth will contribute an amount equal to 10 percent of the exempt (salaried)employee's base salary to the annuity contract after one year of employment.March 200946
WIT Employee HandbookSection IV: BenefitsIV E. SUPPLEMENTAL RETIREMENT ANNUITIES (SRAs)In addition to the contributions stated above, an employee may elect to contribute anadditional sum to increase his/her premiums in the annuity contract. A "salaryreduction" form must be completed for this purpose. This option is limited to theamount allowed under the Internal Revenue Service regulations. Contributions willnot be subject to federal income taxes unless the monies are withdrawn early ortaken as an annuity. Early withdrawals are subject to penalties. “Salary Reduction”agreements may be changed three times per year (once each semester).1. ALLOCATION OF PREMIUMS FOR RETIREMENT ANNUITIES AND SRAsThe TIAA/CREF retirement plan is divided into two parts: CREF premiums areinvested in common stocks, money market accounts, bonds, social choice options,global equities funds, and real estate. TIAA premiums are invested in long-terminvestments. Employees elect the distribution of the contributions on the TIAA-CREFapplication form. If the employee would like to change his or her allocations, he orshe may call TIAA-CREF directly at 800-842-2776 to make the adjustment or visittheir web site at www.tiaa-cref.org.March 200947
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FOREWORD - Wentworth Institute of Technology

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