Years of Service; Breaks in Service; Year of Employment

Years of Service

Years of Service are relevant in determining when certain University employees are eligible to participate in CRP and when certain CRP participants are vested in the University contributions allocated to their retirement savings accounts. If you are hired by the University (i) as a member of the faculty or an academic employee, an officer of the University, or a Librarian appointed to half-time service or (ii) a Laboratory School Teacher appointed to full-time service, you must complete a Year of Service before your participation in the Plan begins. If you are hired by the University on or after July 1, 2005, you must complete three (3) Years of Service before you will be vested in the University contributions allocated to your retirement savings account.

A Year of Service means a 365-day period that generally begins on your hire date and on each anniversary thereof. All of your employment will be taken into account regardless of whether your employment is in a CRP-eligible position. For example, if you work for 2 years in a non-CRP-eligible position prior to participating in CRP, this 2-year period of employment will count toward your eligibility and vesting. Your periods of employment with the University will also be aggregated to determine whether you have completed a Year of Service. In addition, if you terminate employment with the University but are rehired within 12 months of your termination date, your period of separation is treated as a period of employment with the University. However, if you are rehired more than 12 months after your termination date, your period of separation will not be treated as a period of employment. Keep in mind that Years of Service are credited in whole periods only. For example, if you terminate employment after working 321 days in your third year of employment, you will not be credited with a Year of Service for your third year of employment.

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.