Your ERIP Benefits

The Retirement Income Plan for Employees (“ERIP”) was established by The University of Chicago (the “University”) to provide eligible employees with a portion of the income they will need during retirement. The University of Chicago Hospitals (the “Hospitals”) also has adopted ERIP for the benefit of its eligible employees. Beginning July 1, 2005, current and former Hospitals employees and their beneficiaries should refer to the Summary Plan Description separately maintained by the Hospitals for their ERIP participants. This Summary Plan Description describes the provisions of ERIP solely as they pertain to current and former University employees and their beneficiaries.

ERIP is a plan described in Section 403(b) of the Internal Revenue Code that provides two types of benefits:

Lifetime retirement income. Under the Defined Benefit portion of ERIP, you are eligible to receive lifetime monthly benefit payments beginning at retirement. The University pays the full cost of this benefit. This portion of ERIP is referred to as the Defined Benefit portion because the benefit you are eligible to receive at retirement is defined by a preset formula.

A retirement savings account. Under the Defined Contribution portion of ERIP, you establish an account into which you and the University contribute a percentage of your pay each pay period. These contributions and their investment earnings make up your retirement savings account from which you can draw additional retirement income. This portion of ERIP is referred to as the Defined Contribution portion because the contributions are defined and the benefit you receive at retirement depends on the value of your retirement savings account at that time.

All of your ERIP benefits are tax-deferred. This means you pay no income taxes on your ERIP benefits until you receive them.

If you have questions about your benefits, call the Benefits Office at (773) 702-9634 or send an e-mail to benefits@uchicago.edu.

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.