Section 28 RETIREMENT

1. Retirement. The University will continue to participate in the retirement plan as required by State law.

2. For employees first employed on or after January 1, 1996, the University will contribute 10.55 percent of eligible wages to TIAA-CREF. Contributions will begin effective the date of hire. Eligible employees include those hired into positions with an annualized full-time equivalent (FTE) of .5 or greater. Employees who are participants in the TIAA-CREF retirement program have the option of participating in the TIAA-CREF Matching Contribution Program, subject to the current provisions of the program.

3. Employees in the bargaining unit have the option of participating in the Retirement Supplemental Voluntary Program (RSVP), subject to the current provisions of the program.