LOCAL 701 Agreement 2007-2010

ARTICLE XIV    RETIREMENT INCOME PLAN

All employees are covered by the terms of the University's Retirement Income Plan for Employees ("ERIP") as amended effective July 1, 2005. A Summary Plan Description describing the plan is available online at hr.uchicago.edu/benefits and in print form from the University's Benefits Office.

Effective July 1, 2005, the UniversityÕs contribution to the defined contribution portion of ERIP increased from 2% to 2.5%. Voluntary participation at age twenty-five or after completion of one year of service was eliminated. The mandatory enrollment requirement was accelerated to age twenty-one (21) and one (1) year of service. A new three-year cliff vesting schedule was added to the defined contribution portion for employees hired on or after July 1, 2005. Employees hired before July 1, 2005 continue to be fully vested in their defined contribution accounts. For all employees, the five-year cliff vesting schedule formerly applicable to the defined benefit portion was accelerated to a three-year cliff vesting schedule.