How ERIP Works

How the Defined Contribution Portion Works

ERIP Contributions

Under ERIP’s Defined Contribution portion, you establish a retirement savings account into which you contribute 3% of your compensation and the University contributes 2.5% of your compensation each pay period. These contributions and their investment earnings make up your retirement savings account from which you can draw additional retirement income.

For purposes of calculating ERIP contributions, compensation means your total gross wages paid by the University excluding amounts paid on account of severance such as final accrued vacation and sick pay but including your contributions to ERIP’s Defined Contribution portion and salary reduction contributions to the University’s SRP, Flexible Spending Plan, and Qualified Transportation Program.

Prior to July 1, 2005, the University’s 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.