Human Resources

Muskingum University complies with the regulations set forth by the Employee Retirement and Income Security Act of 1974, commonly referred to by its initials -- ERISA. The law was enacted to protect the interests of employees in pension and welfare benefit plans connected with employment.  ERISA rights and statements are included in each benefit summary plan description.

 

TIAA - 403(b) plan

Muskingum University is a member of the AICUO Multiple Employer Plan ("MEP" or "Plan").  Membership in the MEP allows participating schools to pool administrative resources, which may result in lower administrative fees to the institution, while increasing the number of participants, which may reduce fees for individual retirement plan participants.  Under the terms of the MEP, Muskingum retains control of its own plan design.

All employees are eligible to participate in the Plan on a voluntary basis, except those working less than 20 hours per week and student employees.  Elective deferrals may be contributed on either a pre-tax or Roth (after-tax) basis at the employee's discretion subject to IRS and plan rules. 

To be eligible to receive the University's contribution, the employee must be at least 18 years old, worked at Muskingum for at least 12 months, and worked at least 1,000 hours during that initial 12-month period.  The initial 12-month waiting period will be reduced or eliminated for employees with other creditable service under the Plan.  Former employees who are reemployed by the institution and who satisfied the service requirement before terminating employment will begin participation in the plan immediately after reemployment.

Once all eligibility criteria are satisfied, and as a condition of continuing employment, the employee must contribute a mandatory 5% of their base compensation to the Plan through a payroll deduction.  The Human Resources Office will provide all enrollment instructions and documentation to the employee.  When the employee is eligible to begin their mandatory contributions, the University will also begin to contribute an amount equal to a percentage of the employee’s base compensation, and all contributions are 100% vested to the employee immediately upon enrollment.  The current University contribution is 7%; however, the Board of Trustees approves the amount of the mandatory employee and non-elective employer contributions as part of the overall budget in its discretion.

Under the Plan, employees may choose from a select number of investment options, which may be viewed on the TIAA website.  

Under an agreement approved by the Internal Revenue Service, income tax on both the employee and University contributions is deferred until retirement income begins. Normal retirement age is 65. The actual retirement income is dependent upon the amount of contribution plus interest and dividends as well as the settlement option chosen. Every retirement annuity may provide a life income for the retired member, a life income for an annuity partner and several other available options.

Schedule a TIAA Virtual Consultation

TIAA
Metro Lakes
Metro Place South, Suite 450
Dublin, OH 43017
Telephone: 877-209-3138
www.tiaa-cref.org

Financial Design Agency of Ohio provides retirement planning advice to the MEP.  You may schedule appointments with TIAA and/or Financial Design Agency of Ohio.

Telephone: 419-435-0634
Email:  fda@financialdesignohio.com
https://www.financialdesignohio.com/

Downloadable Form

TIAA Salary Reduction Agreement

Supplemental Retirement Annuity (SRA)

Muskingum offers the opportunity to make voluntary, supplemental retirement contributions, subject to IRS limits.  Employees are eligible to participate in the plan and contribute on either a pre-tax or Roth (after-tax) basis to a TIAA Retirement Choice Plus (RCP) contract, unless they work less than 20 hours per week or are student employees.

If an eligible employee elects to make retirement contributions during the 12-month waiting period for the Defined Contribution Plan or wishes to contribute more than the mandatory 5% once they are participating the Defined Contribution Plan, those voluntary and/or excess contributions are paid into the RCP Contract.  The University does not match any contributions to the RCP Contract.

Social Security (FICA)

Social Security (FICA) provides for a Federal system of old age, survivors, and disability insurance (OASDI) and health insurance (Medicare).  The University is required to withhold both Social Security taxes, up to an annually announced wage base matched by the University, and Medicare taxes with no wage base limit matched by the University.

This website is for informational purposes only and contains a summary of the financial benefits and programs available to eligible employees. The information on this webpage does not create any right to participate in or utilize any identified benefit.  Muskingum University may add to, change, or revoke any portion of its benefit program at any time and in its sole discretion.