The University of North Dakota has two retirement programs, NDPERS and TIAA-CREF. The retirement program an employee participates in depends on the position. Employees eligible for NDPERS are classified staff. Employees eligible for TIAA-CREF are faculty and administrative staff.

NDPERS - North Dakota Public Employees Retirement System

TIAA - Teachers Insurance and Annuity Association

CREF - College Retirement Equities Fund

To be vested means you are eligible to receive a monthly benefit from the retirement system you participate in.

NDPERS - Vested after three years of service.

TIAA-CREF - Vested immediately upon employment

NDPERS - A total of 11.26% is contributed to NDPERS

4.0% Employee Contribution paid by UND

1.0% Employee Contribution paid by Employee

5.12% Institution Matching

1.14% Institution for prefunding of health insurance.

TIAA-CREF - Contributions for TIAA-CREF vary according to rank and years of service.

                      Employee %         Employer %

0-2 years                1.5                   5.5

3-10 years              2.5                   10.5

After 10 years          3.0                 11.0

Full and Associate Professors start at the 3-10 year rate.

NDPERS - If you have worked for another ND State Agency and have not taken a refund of your retirement money you should notify UND and your previous agency and a transfer form will be completed for you.

TIAA-CREF - Please let the Payroll Office know if you have participated in TIAA-CREF at another institution and have not withdrawn your contributions. Include this information on the NDPERS, NDTFFR, TIAA-CREF Previous Participation form. Once the information has been verified, the contributions will be credited at the appropriate rate.

Any employee of the University of North Dakota can contribute to an SRA through TIAA-CREF. An SRA is a Supplemental Retirement Annuity, enrollment information is available under Forms on the Payroll Website. There is also a list of other companies to tax defer payments through payroll available at the Payroll Office.

Tax deferring is a retirement savings plan. Taxes are not paid on the amount of money withheld for your tax sheltered annuity. This reduces your taxable gross for the year. When you receive this money as income at retirement you may be in a lower tax bracket.

There is no limit to the number of changes you can make. The employee is responsible for keeping track of the amount of tax sheltering done in a year, so that they do not go over the maximum allowable by IRS guidelines. Contact the retirement specialist at the Payroll Office to find out the maximum allowable for each calendar year.

There is a brief summary of each account available during the online enrollment process TIAA-CREF. You may contact TIAA-CREF at 1-800-842-2776 or use their web site at www.tiaa-cref.org.

The allocation can be changed by calling TIAA-CREF 1-800-842-2252or online at www.tiaa-cref.org.

NDPERS - You may leave your money in for later withdrawal. - You may take a refund of the employee portion of contributions. This would be subject to 20% federal income tax before you receive the money. There is a 10% IRS penalty for early withdrawal if you are younger than 59 1/2 years old, this is assessed when you do your taxes for the year you received the refund.

You may take a retirement benefit if you meet the criteria for a benefit.

Have at least three years of service and be at least 55 years old. Payment is reduced by 0.5% for every month under age 65 of the retiree.

Qualify for the Rule of 85. (Years of service and age add up to 85 or more)

Be 65 years of age or older

TIAA-CREF - To be eligible to take a lump sum refund you must have less than $2,000 accumulated in the TIAA portion and less than $10,000 total between TIAA and CREF. An employee may take a monthly benefit from TIAA-CREF at age 55 if retired. A Participant who has terminated employment is entitled to receive benefits from any of the CREF accounts in a single sum upon the attainment of age 55 or their total accumulation is less than or equal to $10,000. Cash withdrawals from TIAA Traditional are available in substantially equal installments over a ten-year period.

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