Human Resources /
Capital University makes contributions as required by law to the Social Security Administration. Additional contributions under the University's retirement sponsored plan are made on behalf of eligible employees. The University contributes to employees' retirement savings and gives eligible employees the opportunity to increase retirement savings through the plans described below.
The University pays a set percentage (in relation to the employee's income) to the federal Social Security system on each employee's behalf. The University also makes a mandatory deduction from the employee's pay for their share of Social Security contributions. The amount of the University share and the employe's share of the total contribution is established by the Social Security Act. The amount paid upon retirement from Social Security is determined by the Social Security Administration.
Capital University’s sponsored 403(b) defined contribution plan is provided by TIAA. Currently, the University contributes an amount equal to 9% of an employee's base wage to the plan. Employees may contribute additional dollars via payroll reduction into the same Retirement Annuity or they may open a Supplemental Retirement Account (SRA). The university’s retirement plan is self-directed, in that the employee decides how the funds in the account are invested amongst several options. The income received at retirement is based on the value of the account.
Active half time or greater employees are eligible to enroll in the plan. There is no waiting period for contributions and there is immediate vesting in the plan.For employees hired on or after January 1, 2019, after a one-year waiting period, the University contributes 5% of your base wages into a 403(b) plan with TIAA. After 5 years of employment the University’s contribution rate goes to the employer maximum contribution rate, which is currently set at 9% of your base wage. All contributions have immediate vesting.
Newly eligible employees must establish their account by completing the appropriate paperwork as provided by Human Resources.
Changes in an employee’s level of personal contributions may be made at any time by submitting a Voluntary Salary Reduction Agreement (PDF) to the Human Resources Office. Changes to the allocation of an employee’s investments may be done by contacting TIAA directly.
Federal guidelines limit the amount that may be contributed via payroll reduction.