Retirement Options: Frequently Asked Questions
What retirement plan options are available?
Employees do not contribute to FICA Social Security but rather are automatically enrolled in the State Universities Retirement System if they are employed in a position that requires work for a continuous academic term or four months, whichever is less. Three different SURS retirement plans are available to employees: the Traditional, Portable or Self-Managed plan. New employees have six months to make the choice as to which option will best suit their needs; the choice is irrevocable. If no choice is made, the employee is defaulted into the Traditional Plan.
How much do employees contribute to retirement and when will contribution begin?
Employees contribute 8% of their gross earnings, including earnings for overtime and vacation pay. Employee contributions begin with the first payroll upon hire into a qualifying position.
When is an employee considered to be "vested" in the retirement plan?
Employees are vested upon completion of five (5) years or ten (10) years, depending on the employee’s date of hire and Plan selection.