Receiving Your Benefits

After You Leave the University

Amount of Benefits

Your benefit payments from CRP will be determined by the value of the vested portion of your retirement savings account and the form of payment you choose.

Normal Form of Payment

If you are married on the date your benefit payments begin, the vested portion of your retirement savings account must be paid in the form of a Survivor Annuity with your spouse as your co-annuitant, unless you and your spouse waive the Survivor Annuity form of payment and you elect an optional form of payment with your spouse’s consent. See Spousal Rights to CRP Benefits below for more information. Under a Survivor Annuity, monthly payments are made for your lifetime and, at your death, your surviving spouse receives monthly payments equal to at least 50% of your monthly benefit. After your surviving spouse dies, all payments stop.

If you are not married on the date your benefit payments begin, the vested portion of your retirement savings account must be paid in the form of a Single Life Annuity unless you waive the Single Life Annuity and elect an optional form of payment. Under a Single Life Annuity, monthly payments are made for your lifetime, and at your death, all payments stop.

If you do not waive the annuity payment form, you must transfer any amounts in a Vanguard investment fund to a TIAA-CREF investment fund before your benefit payments can begin.

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.