The University provides full-time regular faculty/staff the opportunity to participate in one of the two University retirement programs. Full-time regular faculty members may choose between the V.I. Government Employees’ Retirement System (GERS) and the Teacher’s Insurance and Annuity Association/College Retirement Equities Fund (TIAA/CREF).
The V.I. Government Employees’ Retirement System (GERS) is a group retirement program which both the employer and the employee contribute. The current rate of contribution is 8%-employee and 14.5% employer. The benefit at retirement is based on the employees’ age, years of service, and salary history.
TIAA-CREF is an individual retirement account to which both employee an employer contribute. Employees choose among several funds to make their contributions. The current contribution rates are 8% employee and 14.5% employer. The benefit at retirement is based on the total accumulation in the various funds and the payout terms chosen by the retiree. TIAA/CREF contributions may be made on a tax deferred basis up to the maximum allowed under IRS regulations.
Employees must enroll in one of the two retirement plans within one month of employment. Employees who fail to submit enrollment documents within one month of employment are automatically enrolled in GERS.
In addition to the regular retirement program, employees on regular appointments may particpate in the TIAA/CREF Supplemental Retirement Account program, regardless of which regular retirement program they have chosen.
This program is funded entirely by employee contributions on a pre-tax basis up to the maximum amount allowed under IRS regulations. Participation in this program is voluntary and contribution rates are set by the employee and may not exceed the maximum amount of income allowed to be tax deferred by the IRS.
Contact the Benefits Representative (firstname.lastname@example.org) for further details.