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Contributory Retirement Plan (CRP)

The Contributory Retirement Plan (CRP) is a 403(b) defined contribution plan that provides benefits through retirement saving accounts. Under CRP, you establish an account into which both you and the University contribute a percentage of your pay each pay period. The University contributes 8% of your compensation and you contribute 5% by payroll deductions. These contributions and their investment earnings make up your retirement savings account from which you can draw retirement income.

Review the CRP Summary Plan Description found under Benefit Plan Documents (Retirement) for detailed information about the plan.

Eligibility

CRP is mandatory upon appointment for full-time faculty and full-time Other Academic Appointees (OAA) without regard to salary. 

CRP enrollment is mandatory upon hire for highly compensated staff. A new staff employee hired in 2025, will be considered a highly compensated employee if his or her earnings are $160,000 as of the date of hire (in 2025).

Part-time employees are eligible to enroll in CRP after completing a year of service. 

Laboratory School Teachers participate in CRP after completing a year of service in their position in accordance with their union contract.

Participant Directed Investments

You may direct the investment of both the University's and your own contributions among the investment options offered by TIAA. Because participation is a condition of employment for all who are eligible, enrollment automatically occurs as soon as the eligibility requirements are satisfied. Please note:

  • If you do not specify the particular funds in which you want to invest in, your contributions will be directed to the appropriate Vanguard Institutional Target Retirement Fund.

  • If you would like to change your fund selection, you may do so by contacting TIAA directly.

  • It is important that you designate your primary and contingent beneficiaries to receive your CRP assets in the event of your death.

Contributions and Earnings are Tax-Deferred

All amounts held in your retirement savings account are tax-deferred. This means you pay no income taxes on your CRP benefits until you receive payments from the plan.

Vesting

You are always fully vested in your own contributions and any earnings thereon. You will be fully vested in the University's contributions after completing three years of service.

Compensation Limit

Federal law limits the amount of your compensation that can be used to determine your CRP contributions. For calendar year 2025, both the University's 8% and your 5% contributions will stop when your year-to-date earnings reach the annual compensation limit of $350,000. Your CRP contributions will automatically begin again each January 1st.

Contribution Limit

Federal law also limits the aggregate amount that can be contributed to your CRP and Supplemental Retirement Program (SRP) accounts each calendar year. For 2023, the sum of :

  • The University's contributions to your CRP account,

  • Your own contributions to your CRP account, and

  • Your contributions to your SRP account

=cannot exceed $70,000.

Note that these limits may change annually.

TIAA - https://www.tiaa.org/public/tcm/uchicago/home - 800.842.2252