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Retirement Income Plan for Employees (ERIP)

The Retirement Income Plan for Employees (ERIP) is a 403(b) defined contribution plan that provides benefits through a retirement savings account. You are eligible and required to participate in the ERIP if you are a regular non-academic employee of the University who is not otherwise excluded* and you:

• Have completed one year of service or 1,000 hours of service with the University, and

• Are age 21 or older.

Under the ERIP Plan after one year of eligible service, the University establishes an account into which both you and the University contribute a percentage of your pay each pay period:

  • Mandatory contributions. You are required to contribute 3% of your pay to the ERIP, and the University will contribute an amount equal to 4% of your pay.

  • Voluntary contributions. You also have the option to make additional voluntary contributions to the ERIP, up to 2% of your pay.

  • University matching contributions. When you make voluntary contributions to this Plan, the University will match your contributions at 200%, up to 4% of pay.

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

Participant Directed Investments

You may direct the investment of both the University's and your 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. 

If your application to open a Retirement Choice (RC) account is not received before the first ERIP contribution is deducted from your pay, an RC account will be opened for you under the Plan’s default procedures and your contributions will be invested 100% in the age-appropriate retirement age target-date fund. Whether your RC account is opened by application or by default, TIAA will notify you in writing when it is established.  

You may change your investment allocations at any time by logging in to your account at tiaa.org/public/tcm/uchicago or contacting TIAA at 800.842.2252.

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 ERIP benefits until you receive payments from the plan.

Vesting

Vesting is the amount of time before you “own” your account balance.

• You are always 100% vested in your mandatory employee deferrals and and voluntary elective deferrals under the plan. 

• You are 100% vested in the University contributions to the ERIP, and any investment earnings on them, after you complete three years of eligible service.

Defined Benefit Component

ERIP includes both a defined contribution component described above and a defined benefit component that was frozen December 31, 2008, and a defined benefit component of SEPP that was frozen on June 30, 2016. Employees who earned a pension under the ERIP defined benefit component before January 1, 2009, and those who earned a pension benefit under SEPP defined benefit pension plan before July 1, 2016, will not lose that benefit. Going forward, all eligible employees will participate in the enhanced benefits under ERIP.* 

* Note: A small group of members under the International Brotherhood of Teamsters Local 743 are still accruing benefits under SEPP.

To learn more about any benefit you may have earned under the ERIP defined benefit component and SEPP defined benefit pension plan, active employees should refer to the annual defined benefit plan statement that is mailed to their home annually.

Additional Resources 

Online Pension Self-Service Modeling Tool 

For eligible participants of the Defined Benefit Plan a self-service retirement modeling tool is available to perform an array of activities, such as modeling your post-retirement income, estimating your pension benefits, and viewing basic information regarding your pension plan. You can log on to this website and use the modeling tool from any computer with internet access.

TIAA

To help you with your questions about saving for retirement, TIAA provides free financial counseling on campus throughout the year. Representatives from TIAA are available to discuss personal financial planning, investment strategies, portfolio reviews, and retirement education. Your spouse or partner is welcome to attend your meeting. 

TIAA also offers online tools to help you choose investment funds, decide how much to save, and manage your retirement account. We hope you will take advantage of the services offered by TIAA.

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