500 Retirement Plans

500 Retirement Plans

500 Retirement Plans

Upon hire, all regular staff members are automatically enrolled in the Yale University Retirement Account 403(b) Plan (YURAP), a defined contribution plan to which they may contribute a portion of their earnings, and to which the University will contribute as well. Staff members who are participating in the Staff Pension Plan may contribute a portion of their own earnings to the Yale University Tax Deferred 403(b) Savings Plan; staff members who choose to participate in YURAP may no longer be enrolled in the Staff Pension Plan nor contribute to the Tax Deferred 403(b) Savings Plan. Enrollment in YURAP by a staff member formerly in the Staff Pension Plan ends the future accrual of benefits under the Staff Pension Plan; staff members who switch to YURAP will retain any benefits earned under the Staff Pension Plan. More information is available at the Benefits website.

501 Yale University Retirement Account Plan (YURAP)

YURAP is a 403(b) retirement plan in which both the staff member and the University make contributions to the staff member’s account.

Automatically enrolled staff members contribute 5% of their salary, which is matched by an additional 5% contribution made by the University. Each July, a participant’s pre-tax contribution is increased by up to 1% (“automatic escalation”) until a target contribution of 10% is met. 

Staff members may opt out of automatic enrollment and automatic escalation. If the employee contribution is stopped or reduced below 5%, the University matching contribution will also be eliminated or reduced accordingly. 

Additionally, the University provides a core contribution to the employee’s YURAP account with a 5% threshold on salary below the Social Security Wage Base (SSWB), and a 7.5% threshold on salary above the SSWB.

Staff members may choose to direct contributions to their YURAP account across numerous investment funds. 

See also Section 102.1.

502 Yale University Retirement Plan for Staff Employees (Staff Pension Plan)

The Staff Pension Plan is a defined benefit, non-contributory retirement plan in which the pension payment for each participant is determined by a formula that gives weight to salary, length of service and age at retirement.

502.1 Benefit Formula

The normal annual retirement benefit is based on the participant’s highest annual rate of earnings during the final five years as a staff member, the number of years of credited service earned while in the Staff Pension Plan, and the applicable multipliers in the governing plan document.

502.2 Vesting

To be eligible for a pension benefit, a staff member must have five or more credited years of vesting service.

502.3 Types of Retirement

In addition to normal retirement at age 65, the Plan provides for disability retirement and early retirement, as subject to the provisions of the governing plan document.

503 Yale University Tax Deferred 403(b) Savings Plan

The Yale University Tax Deferred 403(b) Savings Plan is a retirement plan in which the staff member may contribute a portion of their earnings. This retirement plan does not receive University contributions.