CRP Highlights

The table below summarizes how CRP works.

Who is Eligible to Participate in CRP?	Only employees who work in CRP-eligible positions may participate in CRP. Generally, you are eligible to participate in CRP if you are a full time faculty or an academic employee, an officer of the University, a Librarian, a Laboratory School Teacher, or a staff employee who is compensated at or above an annual salary level as specified by the University.
Must I Participate in CRP?	Yes. If you work in a CRP-eligible position, participation in CRP is a condition of employment.
Who Pays for My Benefit?	You and the University both contribute toward your CRP benefits. You establish a retirement savings account in your name with TIAA-CREF and/or Vanguard. You contribute 5% of your pay each pay period to this account and the University contributes an additional 8% of your pay each pay period.
How Much is My Benefit?	Your benefit is determined by the value of your retirement savings account that includes your contributions, the University’s contributions, and investment gains (and losses). The amount of your monthly benefit also depends on the payment option you choose.
When Will I Become Vested?	If you were hired on or before June 30, 2005, you are fully vested in your retirement savings account at all times. If you were hired on or after July 1, 2005, you are fully vested in your contributions but you are not vested in your University contributions unless you attain age 65 or die while employed by the University, or until you complete three (3) Years of Service (whichever occurs first).
When Can I Receive My Benefit?	You can receive your benefit anytime after you leave the University.
What Are My Payment Options?	Annuity Lump sum payment Periodic installment payments Direct Rollover Combination of above

The following pages contain a more detailed explanation of the features of CRP.

While this Summary Plan Description summarizes the major provisions of this plan, it does not provide you with every plan detail. The plan documents, which govern this plan, provide full details. If there are any discrepancies between this Summary Plan Description and the legal plan documents, the legal plan documents control.