CRP Contributions

Under CRP, you establish a retirement savings account into which you contribute 5% of your compensation and the University contributes 8% of your compensation each pay period. These contributions and their investment earnings make up your retirement savings account from which you can draw retirement income.

For purposes of calculating CRP contributions, compensation includes:

Your base salary.

Clinical term allowances.

Clinical bonuses attributable to service performed after June 30, 2003.

Administrative supplements.

Compensation for extra service performed while you are out of residence.

Ministerial housing allowances.

Your contributions to CRP and the Supplemental Retirement Program (“SRP”)

Your contributions to University flexible spending accounts.

Your contributions to University qualified transportation accounts.

Certain extra service pay.

It excludes all other taxable compensation that you may receive from the University during the calendar year including faculty retirement bonuses, Laboratory School bonuses, and taxable fringe benefits.

Prior to July 1, 2005, the contribution formula was different. If you have any questions regarding the prior contribution formula, contact the Benefits Office.

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.