Page 6 - Columbia University Retirement Brochure - Officers
P. 6

The Officers’





            Retirement Plan






            The Officers’ Retirement Plan is a defined contribution 403(b) retirement account into
            which the University makes pre-tax contributions on your behalf. These contributions
            are made based on your age, eligible pay and years of service, up to the IRS annual
            compensation limit. You are eligible to participate in the Officers’ Retirement Plan if you
            are an Officer of Columbia University who meets the criteria outlined in the Summary Plan
            Description (SPD).
                                1

            Eligibility For Contributions


              If you are a...                            The University’s core contributions begin...

              Full-time or part-time Senior Officer      On your date of hire


              Full-time or part-time Junior Officer      After you complete 2 years of eligible service

            Senior Officer: Grade 14 or higher; (grade 106 or higher at CUIMC); Full-Time Appointment as an Officer or
            an “ungraded” Officer.

            Junior Officer: Grade 13 or lower; (grade 103-105 at CUIMC); Full-Time Appointment as an Officer; Title
            of Instructor, Associate, Assistant, Senior Lecturer, Lecturer, Postdoctoral Research Scientist, Scholar or
            Associate, Staff Associate or Librarian I.


            Columbia University’s Contributions
            If you were hired on or after July 1, 2013:

              If your years of service are...  And your age is...  The University’s core contributions equal...


                                                                  5% of your eligible pay under the Social Security
              Less than 5                    Any age              wage base PLUS 9% of your eligible pay over the
                                                                  Social Security wage base

                                                                  6% of your eligible pay under the Social Security
              5 or more                      40 and over          wage base PLUS 10% of your eligible pay over
                                                                  the Social Security wage base


            The Social Security wage base (SSWB) is the amount of your earnings that is subject to Social Security tax
            each year as set by the IRS. You are always fully vested (have a right to) the University’s contributions made on
            your behalf to the Officers’ Retirement Plan.

            1  Summary Plan Descriptions: humanresources.columbia.edu/officers-legal


            For more information, go to humanresources.columbia.edu/retirement
   1   2   3   4   5   6   7   8