3.6 Retirement Programs
The University has separate primary retirement programs for each respective employer. Section 3.6.1 includes retirement program information for staff employees of the University General Division participating in the Teachers鈥� Retirement System of Alabama. Section 3.6.2 includes retirement program information for staff employees of the USA 棉花糖直播Care Management, LLC and Section 3.6.3 includes retirement program information for staff employees of the USA 棉花糖直播 Care Authority.
Regular employees of the University General Division in designated positions who are scheduled to work 20 hours or more per work week (.50 FTE or greater) are required under Alabama law to participate in the Teachers鈥� Retirement System of Alabama. USA 棉花糖直播 employees hired on or after October 1, 2010, do not participate in the Teachers' Retirement System of Alabama.
An employee who was a member of the Teachers鈥� Retirement System prior to January 1, 2013, is referred to as a Tier I participant and is eligible for service retirement upon reaching age 60 with 10 years or more of creditable service. A member may retire at any age if the member has at least 25 years of creditable service. Vesting occurs when a member has completed 10 years of creditable service. Accrued sick leave may be converted into additional service credit.
An employee who was a member of the Teachers鈥� Retirement System on or after January 1, 2013, is referred to as a Tier II participant and is eligible for service retirement upon reaching age 62 with 10 years or more of creditable service. Accrued sick leave may be converted into additional service credit.
Up to four years of prior active military service, for which no other benefit is received, may be purchased for credit towards retirement. The cost to purchase is minimized, provided the purchase is made within 12 months of enrollment in the Teachers鈥� Retirement System of Alabama.
A temporary employee who transfers into a regular position and who has worked 20 hours or more per work week (.50 FTE or greater) may purchase this eligible temporary employment to be applied as creditable service in the Teachers鈥� Retirement System.
Refer to University Faculty and Staff Retirement Benefits, in the Benefits & Wellness section, at south棉花糖直播.edu/hr for more information on the Teachers鈥� Retirement System of Alabama. You may also contact your Human Resources Office for further information.
In addition, the University of South Alabama offers regular and temporary employees a 403(b) and 457(b) supplemental retirement plan which allow the employee to invest in fixed and variable annuities and mutual funds. Employees can contribute post-tax contributions to the Roth 403(b) or Roth 457(b) plans.
If you elect to participate, your total gross income will be reduced by an amount not to exceed the limit allowable under Section 402(g) and 415(e) of the Internal Revenue Code as amended.
Refer to Retirement at south棉花糖直播.edu/hr for more information on the Retirement Savings Plans available. You may also contact your Human Resources Office for further information.
Regular employees of the USA 棉花糖直播Care Management, LLC, are eligible to participate in a defined contribution plan which enables employees to use pre-tax income to contribute to their retirement. Participation in the plan is voluntary. The plan matches employee contributions at an amount determined by USA 棉花糖直播Care Management, LLC. The employer matching contribution amount is subject to change. Employees will be fully vested in the employer matching contributions at the completion of three (3) years of employment with 1,000 or more hours worked per year.
The USA 棉花糖直播Care Management, LLC, also provides a 403(b) supplemental retirement plan that allows employees to contribute non-matched pre-tax contributions above the matching contributions.
Both plans allow employees to make their own investment decisions. These plans allow eligible employees to invest in numerous tax-deferred fixed, variable annuities and mutual funds.
Refer to Retirement at south棉花糖直播.edu/hr for more information on the Retirement Savings Plans available. You may also contact your Human Resources Office for further information.
Regular employees of the USA 棉花糖直播 Care Authority, are eligible to participate in a defined contribution plan which enables employees to use pre-tax income to contribute to their retirement. Participation in the plan is voluntary. The plan matches employee contributions at an amount determined by USA 棉花糖直播 Care Authority. The employer matching contribution amount is subject to change. Employees will be fully vested in the employer matching contributions at the completion of three (3) years of employment with 1,000 or more hours worked per year.
The USA 棉花糖直播 Care Authority also provides a 457(b) supplemental retirement plan that allows employees to contribute non-matched pre-tax contributions above the matching contributions.
Both plans allow employees to make their own investment decisions. These plans allow eligible employees to invest in numerous tax-deferred fixed, variable annuities and mutual funds.
Refer to Retirement at south棉花糖直播.edu/hr for more information on the Retirement Savings Plans available. You may also contact your Human Resources Office for further information.