Planning for Retirement

References to Clerical & Technical positions include Security, Sec Excl and C&T Excl

• Yale University Retirement Plan for Staff Employees
• Yale University Matching Retirement Plan
• Yale University Retirement Account Plan (YURAP)
• Yale University Tax-Deferred 403 (b) Savings Plan
• How to enroll in a retirement plan and make changes to your investments
• Retirement Plan Documents

For employees hired or transferred into Clerical & Technical positions on or after January 23, 2022.

• Retirement Choice Decision Guide
• Retirement Choice Change Election Form

Employees hired or transferred into Clerical & Technical positions on or after January 23, 2022, are eligible to choose Staff Pension Plan plus the Matching Retirement Plan or YURAP.

You have a 90-day window, starting from your date of hire, to make your retirement choice election. If you do not make a retirement choice election by the end of your 90-day election window you will be automatically enrolled in Staff Pension Plan plus the Matching Retirement Plan. Once the 90-day window closes, your retirement choice election is irrevocable.

Employees hired or transferred into Clerical & Technical positions before January 23, 2022, are automatically eligible for the Staff Pension Plan plus the Matching Retirement Plan.

Clerical & Technical (C&T), and Security employees in benefit eligible positions have several retirement plan options:

Yale University Retirement Plan for Staff Employees

The Yale Retirement Plan for Staff Employees (YRPSE) is a “defined benefit, non-contributory plan” in which the amount of pension payment for each participant is determined by a formula that gives weight to salary, length of service and age at retirement.

Employees are eligible for “normal retirement” at age 65 or hereafter with 5 years of service. They may retire at any time after age 55 when the sum of age and years of service equals or exceeds 75. Such “early retirement” may require a 4% “discount” of payment for each year before age 65 (to offset the actuarially extended life expectancy during which benefits will be paid). Pensions for employees who retire with at least 30 years of service are discounted 2% per year. Pensions for employees who retire at age 60 or later with at least 25 years of service are not discounted for early retirement.

Participants in the Plan “vest” after five years of service. Vesting gives a participant the right to a pension at age 65 (or when the sum of age and service equal 75) even if he or she leaves Yale employment.

The current formula for calculating a monthly pension can be found in the Yale University Retirement Plan for Staff Employees plan document.

The costs to Yale for the Plan are determined by an annual actuarial review (the “valuation”) which considers such factors as number of participants, salary levels and their probable growth, earnings on Plan assets, probable ages at retirement and mortality expectations for retirees.

Significant features of the plan are:

• Lower salary increments are weighted at higher multipliers than higher salary  increments providing a kind of “safety net” for retirees at lower salary levels.
• Terminated vested employees are eligible to “cash out” their pension benefit if the present value of their account balance is less than the plan limit.

Yale University Matching Retirement Plan

In a 403(b) Defined Contribution Plan, both employer and employee know how much will be contributed to the Plan. Local 34 , Local 35, Local 502, C&T non-union and members of the Yale Police Benevolent Association who are regularly scheduled to work at least 20 hours per week in a benefits eligible position are eligible to participate in the plan. There are many advantages to participating in the Plan: pre-tax employee contributions are tax-sheltered from federal and state taxes, earnings are not taxed until withdrawn. Roth 403(b) contributions*are taken out of your paycheck after federal and state taxes are taken.

Employees can contribute up to 75% of eligible earnings to the Matching Retirement Plan, not to exceed the annual IRS limit. If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50. You may contribute a fixed-dollar amount, a percentage of your salary, or the IRS annual maximum amount. Contributions by the employee and the University may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.

To view Annual Compensation Limits and Contribution Limits, please visit the IRS website.

Employees hired or transferred into Clerical & Technical positions on or after January 23, 2022, who choose or are defaulted into the Staff Pension Plan plus the Matching Retirement Plan are eligible for the following match formula:

For employees with at least two years of service at benefit level, a 25% match of employee contributions will be made up to 2% of eligible pay (for a maximum match of 0.5% of eligible compensation).

For employees with at least three years of service at benefit level, a dollar for dollar match of employee contributions will be made up to 2% of eligible pay.

For employees age 45 or older with at least 10 years of service at benefit level, there will be a dollar for dollar match by the University of the employee contributions up to 3% of eligible pay.

Employees hired or transferred into Clerical & Technical positions before January 23, 2022, who participate in the Matching Retirement Plan are eligible for the following match formula:

For employees with at least two years of service at benefit level, a dollar for dollar match of employee contributions will be made up to 2% of eligible pay.

For employees age 45 or older with at least 5 years of service at benefit level, there will be a dollar for dollar match by the University of the employee contributions up to 4% of eligible pay.

Participants in the Plan are immediately vested with respect to both their own contributions and University contributions. In this case, vesting means that the total accumulation follows the participant despite employment termination.

Withdrawals from your retirement account, however, must meet Federal Regulations, such as: age 59-1/2, termination from employment, death, disability, financial hardship as determined by the IRS.

• Employee and university contributions may be invested in a wide range of Vanguard and TIAA investment options through TIAA (Teachers’ Insurance Annuity Association).

Enroll in a retirement plan or make investment changes.

Additional Design Features

Contributions

• Contributions can be made on a pre-tax basis, after-tax basis through the Roth 403(b) option, or both. You can elect to contribute a flat dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Loans

• TIAA participants will be eligible to take a loan on employee contributions only.
• The number of loans is limited to three general purpose loans.

Full distribution rights at termination and retirement

• The University will allow you to take your retirement account balance with you upon termination or retirement.

In-service distributions at age 59-½

• During active employment at age 59-½, you will be able to take a distribution from the Plan. This is limited to employee contributions only.

For information on how to enroll, see section below, “How to enroll in a retirement plan and make changes to your investments”.

Yale University Retirement Account Plan (YURAP)

Under the YURAP feature, Yale will automatically reduce your weekly salary by 5% and deposit that amount as a pre-tax employee contribution to YURAP. Yale will make a Core Contribution equal to 5% of your eligible pay and a University Match equal to 5% of your eligible pay to your YURAP account. You may change the amount you contribute to YURAP at any time.

Your University Core Contribution will equal 5% of your eligible pay below the Social Security Wage Base (SSWB) plus 7.5% of eligible pay at or above the SSWB, up to the Annual Compensation Limit as defined by the IRS.

The university will match 100% of your contributions, up to 5% of your eligible pay.

Your contributions as well as the University Core and Match contributions are automatically invested in the appropriate model portfolio selected for you by the Yale Target-Date Plus Service. The Plan’s Qualified Default Investment Alternative (QDIA), as described in Section 404(c)(5) of ERISA. The model portfolio selected for you is based on a predetermined projected retirement age and a moderate investment style, and also takes into account or considers any account balances you may have invested in any of the legacy TIAA and/or CREF annuity contracts. The Service uses these three parameters to create a model portfolio that invests your account and future contributions in age-appropriate investments while maintaining diversified, risk-managed exposure across a wide range of asset classes.

You can personalize your Target-Date Plus model portfolio or opt out of the Yale Target-Date Plus Service and select your own investments among one or more of the funds offered under the Plan’s investment lineup. You can personalize your model portfolio by changing your projected retirement age or investing style, or by adjusting “considered” legacy annuity assets.

Both the employee and employer contributions to the plan are immediately vested, meaning that the total accumulation belongs to the participant even if the employee terminates employment.

Yale University Tax-Deferred 403(b) Savings Plan

Employees who are not eligible for the Matching Retirement Plan may choose to contribute to the Yale University 403(b) Tax-Deferred Savings Plan.

The Yale University 403(b) Tax-Deferred Savings Plan allows you to invest contributions from your pay in a wide range of Vanguard and TIAA investment fund options. There are no university contributions. You may contribute a fixed-dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Employees may enroll in the 403(b) Tax-Deferred Savings Plan at any time during the year. There is no waiting period for new hires.

How to enroll in a retirement plan and make changes to your investments

TIAA provides a customized website designed specifically for Yale participants where you can view and manage your Yale University retirement program contributions and investment options in one place. The site offers detailed fund information with Vanguard and TIAA investment fund options and retirement planning calculators.

To enroll in a retirement plan, update your beneficiary information, and view or change your investment options, go to the TIAA website. Log in instructions are provided on the website. First-time users will need to register for secure online access.

For assistance navigating the TIAA website, please contact TIAA at 855-250-5424, Monday – Friday, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m.

If you have any questions regarding your retirement benefits, contact Employee Services at 203-432-5552.

• Yale University Retirement Account Plan
• Yale University Tax-Deferred 403(b) Savings Plan
• Yale University 457(b) Deferred Compensation Plan
• Roth 403(b) Contribution Option
• How to enroll in a retirement plan and make changes to your investments
• Retirement Plan documents

In a 403(b) Defined Contribution Plan both employer and participant know how much will be contributed to the Plan, but cannot know precisely the retirement benefit. Such benefit will be affected by the amount of accumulation at the point of retirement, the age of the participant at that time and the payout option elected. The most important basis for the payout will be the accumulation, and the most important factor in the accumulation will be the investment return on assets over the accumulation period.

Yale University Retirement Account Plan (YURAP)

Eligibility to participate in YURAP

An eligible employee is an individual who has a faculty or senior research appointment of at least half-time or greater.

• Upon hire, all faculty as defined by the Plan will be automatically enrolled in YURAP. Under YURAP’s automatic enrollment feature, Yale will automatically reduce your monthly eligible salary by 5% and deposit that amount as a pre-tax employee contribution to YURAP. Yale will make a Core Contribution equal to 5% of your eligible salary and a University Match equal to 5% of your eligible salary to your YURAP account. You may change the amount you contribute to YURAP at any time.
• Your contributions as well as the University Core and Match contributions are automatically invested in the appropriate model portfolio selected for you by the Yale Target-Date Plus Service. The Plan’s Qualified Default Investment Alternative (QDIA), as described in Section 404(c)(5) of ERISA. The model portfolio selected for you is based on a predetermined projected retirement age and a moderate investment style, and also takes into account or considers any account balances you may have invested in any of the legacy TIAA and/or CREF annuity contracts. The Service uses these three parameters to create a model portfolio that invests your account and future contributions in age-appropriate investments while maintaining diversified, risk-managed exposure across a wide range of asset classes.
• You can personalize your Target-Date Plus model portfolio, or opt out of the Yale Target-Date Plus Service and select your own investments among one or more of the funds offered under the Plan’s investment lineup. You can personalize your model portfolio by changing your projected retirement age or investing style, or by adjusting “considered” legacy annuity assets.
• Both the faculty member and employer contributions to the plan are immediately vested, meaning that the total accumulation belongs to the participants even if they terminate employment.

YURAP contributions

The University provides a University Core Contribution in addition to a University Match.

• Your University Core Contribution will equal 5% of your eligible earnings below the Social Security Wage Base (SSWB) plus 7.5% of eligible earnings at or above the SSWB, up to the Annual Compensation Limit as defined by the IRS.

In Addition

• The university will match 100% of your contributions, up to 5% of your eligible earnings.

The Social Security Wage Base and the Annual Compensation Limit for the Plan Year will be adjusted in accordance with IRS guidelines each January 1, and will be applied to your eligible earnings on a calendar-year basis.

Employees can choose the amount they wish to contribute to YURAP and set the amount to a flat-dollar amount or a percentage between zero and 75% of their eligible earnings, not to exceed the annual IRS limit. If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50.

Contributions by the employee and the University may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.

To view Annual Compensation Limits and Contribution Limits, please visit the IRS website.

The University Core contribution will be credited to the faculty members’ accounts independently of whether they contribute to YURAP. However, if faculty members do not contribute to YURAP, they will not receive the University Match.

Automatic Escalation

For participants who are contributing less than 10%, each July, the University will increase faculty members’ contribution amounts by 1% to a maximum of 10%. If the contribution rate is between zero and 4%, the University will reset the contribution to 5% with the option to reduce or waive. The automatic escalation feature began July 1, 2010.

Employee and university contributions may be invested in a wide range of Vanguard and TIAA investment fund options through TIAA (Teachers’ Insurance Annuity Association).

Can I change my contributions whenever I want?

You can always change the amount of your contribution to YURAP and set the amount between zero and 75% of your eligible earnings, not to exceed the annual IRS limit. If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50. You can change your contribution percentage at any time by logging on to the TIAA website.

Can I reduce my contribution to zero dollars and still get the University Core?

Yes. The University Core is credited to your account independently of whether you contribute to YURAP. However, if you do not contribute to YURAP, you will not receive the University Match.

Can I opt out of the automatic savings feature of this plan?

Yes. You can change your contribution percentage at any time by logging on to the TIAA website.

How much do I need to contribute to get the maximum University Match?

In order to maximize the University Match, you will need to save at a rate of at least 5% of base pay.

When will my Plan account be vested?

You will be fully vested automatically in all contributions you and the University make to your account.

Additional Design Features

Contributions

• Contributions can be made on a pre-tax basis, after-tax basis through the Roth 403(b) option, or both. You can elect to contribute a flat dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Loans

• TIAA participants will be eligible to take a loan on employee contributions only. Plan loans are administered by TIAA and are subject to the terms of the TIAA loan program.  For further information, please contact TIAA.
• The number of loans is limited to three general purpose loans.

In-service distributions at age 59-½

• During active employment at age 59-½, you will be able to take a distribution from the Plan. This is limited to employee contributions only.

Automatic escalation of savings rate of 1% per year to a maximum of 10% each July unless you provide direction to the contrary

• Each July, the University will increase your employee contribution by 1% to a maximum of 10%. If you are contributing between zero and 4%, the University will reset your contribution to 5% with the option to reduce or waive.

Yale University Tax-Deferred 403(b) Savings Plan

Faculty who are below the benefit level, or are not enrolled in YURAP, may choose to save for retirement by contributing a portion of their pay on a pre-tax or Roth 403(b) after-tax basis* to the Yale University Tax-Deferred 403(b) Savings Plan. There is not a University Match.

Employees can contribute a percentage of pay up to 75% or the IRS annual maximum amount. If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50. Employee contributions may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.

Employee contributions may be invested in a wide range of Vanguard and TIAA investment options through TIAA.

Yale University 457(b) Deferred Compensation Plan

The Yale University 457(b) Deferred Compensation Plan provides a vehicle for employees meeting specific criteria to accumulate additional tax-deferred savings beyond the limits of the 403(b) plans. The plan is available to tenured professors, professors on continuing appointments in the School of Medicine and employees whose salary equals or exceeds 1.5 times the current year Social Security Wage Base.

Eligible faculty and staff can contribute a percentage of eligible pay up to 75% or the IRS annual maximum amount. The contributions made to the plan are exempt from federal and state taxes. There are no employer contributions to this plan.

This type of plan is unfunded by the University; however, the account balance is credited with investment earnings based on the performance of funds selected and is always fully vested.

Contributions may be invested in a range of Vanguard mutual funds and TIAA investment options through TIAA website, and the investment funds available are the same as with the 403(b) plans.

Although it is not required, it is recommended that you also contribute the maximum annual IRS amount to your 403(b) plan if you decide to contribute to the 457(b) Deferred Compensation Plan.  Contributing to both the 403(b) and 457(b) plans can increase your tax-advantaged retirement savings but you should be aware that there are key differences between these plans when it comes to withdrawals, rollovers and transfer of funds.  If you are considering contributing to the 457(b) plan you should consult with your personal financial advisor, or a TIAA financial consultant or advisor to review your options.

View plan highlights of the 457(b) Deferred Compensation Plan

Roth 403(b) contribution option

Watch a TIAA video explaining the Roth 403(b) contribution option.

How to enroll in a retirement plan and make changes to your investments

TIAA provides a customized website designed specifically for Yale participants where you can view and manage your Yale University retirement program contributions and investment options in one place. The site offers detailed fund information with Vanguard and TIAA investment fund options and retirement planning calculators.

To enroll in a retirement plan, update your beneficiary information, and view or change your investment options, go to the TIAA website.  Log in instructions are provided on the website. First-time users will need to register for secure online access.

For assistance navigating the TIAA website, please contact TIAA at 855-250-5424, Monday – Friday, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m.

If you have any questions regarding your retirement benefits, contact Employee Services at 203-432-5552.

• Yale University 457(b) Deferred Compensation Plan
• Roth 403(b) contribution option
• How to enroll in a retirement plan and make changes to your investments
• Retirement Plan Documents

In a 403(b) Defined Contribution Plan both employer and participant know how much will be contributed to the Plan, but cannot know precisely the retirement benefit. Such benefit will be affected by the amount of accumulation at the point of retirement, the age of the participant at that time and the payout option elected. The most important basis for the payout will be the accumulation, and the most important factor in the accumulation will be the investment return on assets over the accumulation period.

Eligibility to participate in YURAP

• Yale Managerial and Professional staff in benefit-eligible positions (scheduled to work at least 20 hours per week).
• Eligible Managerial and Professional staff who were hired after June 30, 2014 or moved to an eligible Managerial and Professional position after June 1, 2017, will be automatically enrolled in YURAP. Under YURAP’s automatic enrollment feature, Yale will automatically reduce your monthly salary by 5% and deposit that amount as a pre-tax employee contribution to YURAP. Yale will make a Core Contribution equal to 5% of your salary and a University Match equal to 5% of your salary to your YURAP account. You may change the amount you contribute to YURAP at any time.
• Your contributions as well as the University Core and Match contributions are automatically invested in the appropriate model portfolio selected for you by the Yale Target-Date Plus Service. The Plan’s Qualified Default Investment Alternative (QDIA), as described in Section 404(c)(5) of ERISA. The model portfolio selected for you is based on a predetermined projected retirement age and a moderate investment style, and also takes into account or considers any account balances you may have invested in any of the legacy TIAA and/or CREF annuity contracts. The Service uses these three parameters to create a model portfolio that invests your account and future contributions in age-appropriate investments while maintaining diversified, risk-managed exposure across a wide range of asset classes.
• You can personalize your Target-Date Plus model portfolio, or opt out of the Yale Target-Date Plus Service and select your own investments among one or more of the funds offered under the Plan’s investment lineup. You can personalize your model portfolio by changing your projected retirement age or investing style, or by adjusting “considered” legacy annuity assets.
• Both the employee and employer contributions to the plan are immediately vested, meaning that the total accumulation belongs to the participant even if the employee terminates employment.

YURAP Contributions

The University provides a University Core Contribution in addition to a University Match.

• Your University Core Contribution will equal 5% of your eligible earnings below the Social Security Wage Base (SSWB) plus 7.5% of eligible earnings at or above the SSWB, up to the Annual Compensation Limit as defined by the IRS.

In Addition

• The university will match 100% of your contributions, up to 5% of your eligible earnings.

The Social Security Wage Base and the Annual Compensation Limit for the Plan Year will be adjusted in accordance with IRS guidelines each January 1, and will be applied to your eligible earnings on a calendar-year basis.

Employees can choose the amount they wish to contribute to YURAP and set the amount to a flat-dollar amount or a percentage between zero and 75% of their eligible earnings, not to exceed the annual IRS limit.  If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50.

Contributions by the employee and the University may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.

To view Annual Compensation Limits and Contribution Limits, please visit the IRS website.

The University Core contribution will be credited to the employees account independently of whether they contribute to YURAP. However, if the employee does not contribute to YURAP, they will not receive the University Match.

Automatic Escalation

For participants who are contributing less than 10%, each July, the University will increase your employee contribution by 1% to a maximum of 10%. If you are contributing between zero and 4%, the University will reset your contribution to 5%. You have the opportunity to change or waive contributions at any time.  The automatic escalation feature began July 1, 2010.

Employee and university contributions may be invested in a wide range of Vanguard and TIAA investment fund options through TIAA.

Enroll in a retirement plan or make investment changes.

Frequently-asked questions

Can I change my contributions whenever I want?

You can always change the amount of your contribution to YURAP and set the amount up to 75% of your eligible earnings, not to exceed the annual IRS limit. If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50. You can change your contribution percentage at any time by logging on to the TIAA website, www.tiaa.org/yale.

Can I reduce my contribution to zero dollars and still get the University Core?

Yes. The University Core is credited to your account independently of whether you contribute to YURAP. However, if you do not contribute to YURAP, you will not receive the University Match.

Can I opt out of the automatic savings feature of this plan?

Yes. You can change your contribution percentage at any time by logging on to the TIAA website.

How much do I need to contribute to get the maximum University Match?

In order to maximize the University Match, you will need to save at a rate of at least 5% of base pay.

When will my Plan account be vested?

You will be fully vested automatically in all contributions you and the University make to your account.

Additional design features

Contributions

• Contributions can be made on a pre-tax basis, after-tax basis through the Roth 403(b) option, or both. You can elect to contribute a flat dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Loans

• Participants are eligible to take a loan on employee contributions only. Plan loans are administered by TIAA and are subject to the terms of the TIAA loan program.  For further information, please contact TIAA.
• The number of loans is limited to three general purpose loans.

In-service distributions at age 59½

• During active employment at age 59½, you will be able to take a distribution from the Plan. This is limited to employee contributions only.

Automatic escalation of savings rate of 1% per year to a maximum of 10% each July unless you provide direction to the contrary

• Each July, the University will increase your employee contribution by 1% to a maximum of 10%. If you are contributing between zero and 4%, the University will reset your contribution to 5% with the option to reduce or waive.

Yale University retirement plan for staff employees (YRPSE)

The Yale Retirement Plan for Staff Employees (YRPSE) is a defined benefit plan available to eligible managerial and professional staff who were hired on or before June 30, 2014 or moved to an eligible managerial and professional position on or before June 1, 2017. This is a closed plan.  Current participants have an irrevocable option to enroll in YURAP. If you choose to enroll in YURAP, you will no longer accrue benefits under the Staff Pension Plan, as this decision is irrevocable, and benefit accrual in the Staff Pension Plan will freeze.

Employees can be active in only one of the two retirement plans at any given time. Once an employee enrolls in YURAP, the benefit years in YRPSE prior to YURAP enrollment will freeze and be used later to calculate the benefit upon retirement from the University.

The Yale Retirement Plan for Staff Employees (YRPSE) is a “defined benefit, non-contributory plan” in which the amount of pension payment for each participant is determined by a formula that gives weight to salary, length of service and age at retirement.

M&P employees are eligible for “normal retirement” at age 65 or thereafter with 5 years of service. If employees retire at their Normal Retirement Age (age 65 with 5 years of service), they will receive their full pension without reduction for early retirement. Employees are eligible for Early Retirement upon the attainment of age 55 provided their age and service equals 75.

If you retire prior to your normal retirement date (generally, age 65), your pension payment may be discounted by 4% for each year before age 65 to offset the actuarially extended life expectancy during which benefits will be paid. The early retirement reduction for an employee who retires on or after age 55 with 30 years of service is 2% per year. If an employee retires on or after attaining age 60 with at least 25 years of service there will be no reduction in the pension benefit.

Vesting with pension benefits

Participants in the Plan “vest” after five years of service. Vesting gives a participant the right to a pension at age 65 (or as early as age 55, when the sum of age and years of service equals 75) even if he or she leaves Yale employment.

Pension formula

The current formula for calculating a monthly pension can be found in the Yale University Retirement Plan for Staff Employees plan document.*

Significant features of the Plan are:

• The highest annual rate of pay in the computation is the highest annual rate of earnings in the last five (5) years of employment. For active employees this is most often the rate of pay on the date of retirement.
• Lower salary increments are weighted for higher multipliers than higher salary  increments , providing  a “safety-net” for retirees at lower salary levels.
• Terminated vested employees are eligible to “cash out” their pension benefit if the present value of their account balance is less than the plan limit.

*Access the Yale University Retirement Plan for Staff Employees plan document.

Yale University Tax-Deferred 403(b) Savings Plan

M&P employees, below benefit level or who are not enrolled in YURAP, may choose to contribute a portion of their pay to the Yale University Tax Deferred 403(b) Savings Plan as pre-tax contributions, Roth 403(b)*contributions, or a combination of both.
Employees can contribute a percentage of pay up to 75%, or the IRS annual maximum  amount.

If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50.

You may contribute a fixed-dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Employee contributions may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.  Employee and contributions may be invested in a wide range of Vanguard and TIAA investment options through TIAA.

To view Annual Compensation Limits and Contribution Limits, please visit the IRS website.

Enroll in a retirement plan or make investment changes.

Yale University 457(b) Deferred Compensation Plan

The Yale University 457(b) Deferred Compensation Plan provides a vehicle for employees meeting specific criteria to accumulate additional tax-deferred savings beyond the limits of the 403(b) plans. The plan is available to tenured professors, professors on continuing appointments in the School of Medicine and employees whose salary equals or exceeds 1.5 times the current year Social Security Wage Base.

Eligible faculty and staff can contribute a percentage of eligible pay up to 75% or the IRS annual maximum amount. The contributions made to the plan are exempt from federal and state taxes. There are no employer contributions to this plan.

This type of plan is unfunded by the University; however, the account balance is credited with investment earnings based on the performance of funds selected and is always fully vested.

Contributions may be invested in a range of Vanguard mutual funds and TIAA investment options through TIAA website, www.tiaa.org/yale. and the investment funds available are the same as with the 403(b) plans.

Although it is not required, it is recommended that you also contribute the maximum annual IRS amount to your 403(b) plan if you decide to contribute to the 457(b) Deferred Compensation Plan.  Contributing to both the 403(b) and 457(b) plans can increase your tax-advantaged retirement savings but you should be aware that there are key differences between these plans when it comes to withdrawals, rollovers and transfer of funds.  If you are considering contributing to the 457(b) plan you should consult with your personal financial advisor, or a TIAA financial consultant or advisor to review your options.

View plan highlights of the 457(b) Deferred Compensation Plan

*Roth 403(b) contribution option

Watch a TIAA video explaining the Roth 403(b) contribution option.

How to enroll in a retirement plan and make changes to your investments

TIAA provides a customized website designed specifically for Yale participants where you can view and manage your Yale University retirement program contributions and investment options in one place. The site offers detailed fund information with Vanguard and TIAA investment fund options and retirement planning calculators.

To enroll in a retirement plan, update your beneficiary information, and view or change your investment options, go to the TIAA website.  Log in instructions are provided on the website. First-time users will need to register for secure online access.

For assistance navigating the TIAA website, please contact TIAA at 855-250-5424, Monday – Friday, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m.

If you have any questions regarding your retirement benefits, contact Employee Services at 203-432-5552.

• Yale University Retirement Plan for Staff Employees (YRPSE)
• Yale University Retirement Account Plan (YURAP)
• Yale University Tax-Deferred 403(b) Savings Plan
• Yale University 457(b) Deferred Compensation Plan
• Roth 403(b) contribution option
• How to enroll in a retirement plan and make changes to your investments
• Retirement Plan Documents

Yale University Retirement Plan for Staff Employees (YRPSE)

Command Staff are automatically enrolled in the Yale University Retirement Plan for Staff Employees, a defined benefit plan, upon hire. The amount of pension payment is determined for each participant by a formula that gives weight to salary, length of service, and age at retirement. There are no employee contributions.

Command Staff are eligible for retirement upon attainment of age 50 and sum of age and years of service equals or exceeds 70.

Participants in the Plan “vest” after five years of service. Vesting gives a participant the right to a pension at age 65 (or when the sum of age and service equal 70) even if he or she leaves Yale employment.

The current formula for calculating a monthly pension can be found in the Yale University Retirement Plan for Staff Employees plan document.

Terminated vested employees are eligible to “cash out” their pension benefit if the present value of their account balance is less than the plan limit.

Significant features of the Plan are:

• The highest annual rate of pay in the computation is the highest annual rate of earnings in the last five (5) years of employment. For active employees this is most often the rate of pay on the date of retirement.
• Lower salary increments are weighted for higher multipliers than higher salary increments, providing a “safety-net” for retirees at lower salary levels.
• Terminated vested employees are eligible to “cash out” their pension benefit if the present value of their account balance is less than the plan limit.

*Access the Yale University Retirement Plan for Staff Employees plan document.

Yale University Retirement Account Plan (YURAP)

Command Staff in benefit-eligible positions (scheduled to work at least 20 hours per week) have an irrevocable option to enroll in YURAP. If you choose to enroll in YURAP, you will no longer accrue benefits under the Staff Pension Plan, as this decision is irrevocable, and any benefit accrual in the Staff Pension Plan will freeze.

• If you choose to enroll in YURAP, Yale will automatically reduce your monthly salary by 5% and deposit that amount as a pre-tax employee contribution to YURAP. Yale will make a Core Contribution equal to 5% of your salary and a University Match equal to 5% of your salary to your YURAP account. You may change the amount you contribute to YURAP at any time.
• Your contributions as well as the University Core and Match contributions are automatically invested in the appropriate model portfolio selected for you by the Yale Target-Date Plus Service, the Plan’s Qualified Default Investment Alternative (QDIA), as described in Section 404(c)(5) of ERISA. The model portfolio selected for you is based on a predetermined projected retirement age and a moderate investment style, and also takes into account or considers any account balances you may have invested in any of the legacy TIAA and/or CREF annuity contracts. The Service uses these three parameters to create a model portfolio that invests your account and future contributions in age-appropriate investments while maintaining diversified, risk-managed exposure across a wide range of asset classes.
• You can personalize your Target-Date Plus model portfolio, or opt out of the Yale Target-Date Plus Service and select your own investments among one or more of the funds offered under the Plan’s investment lineup. You can personalize your model portfolio by changing your projected retirement age or investing style, or by adjusting “considered” legacy annuity assets.
• Both the employee and employer contributions to the plan are immediately vested, meaning that the total accumulation belongs to the participant even if the employee terminates employment.

YURAP Contributions

The University provides a University Core Contribution in addition to a University Match.

• Your University Core Contribution will equal 5% of your eligible earnings below the Social Security Wage Base (SSWB) plus 7.5% of eligible earnings at or above the SSWB, up to the Annual Compensation Limit as defined by the IRS.
• The university will match 100% of your contributions, up to 5% of your eligible earnings.

The Social Security Wage Base and the Annual Compensation Limit for the Plan Year will be adjusted in accordance with IRS guidelines each January 1, and will be applied to your eligible earnings on a calendar-year basis.

Employees can choose the amount they wish to contribute to YURAP and set the amount to a flat-dollar amount or a percentage between zero and 75% of their eligible earnings, not to exceed the annual IRS limit.  If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50.

Contributions by the employee and the University may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.

To view Annual Compensation Limits and Contribution Limits, please visit the IRS website.

The University Core contribution will be credited to the employees account independently of whether they contribute to YURAP. However, if the employee does not contribute to YURAP, they will not receive the University Match.

Automatic Escalation

For participants who are contributing less than 10%, each July, the University will increase your employee contribution by 1% to a maximum of 10%. If you are contributing between zero and 4%, the University will reset your contribution to 5%. You can change or waive contributions at any time.  The automatic escalation feature began July 1, 2010.

Enroll in a retirement plan or make investment changes.

YURAP Frequently-asked questions

Can I change my contributions whenever I want?

You can always change the amount of your contribution to YURAP and set the amount up to 75% of your eligible earnings, not to exceed the annual IRS limit. If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50. You can change your contribution percentage at any time by logging on to the TIAA website, www.tiaa.org/yale.

Can I reduce my contribution to zero dollars and still get the University Core?

Yes. The University Core is credited to your account independently of whether you contribute to YURAP. However, if you do not contribute to YURAP, you will not receive the University Match.

Can I opt out of the automatic savings feature of this plan?

Yes. You can change your contribution percentage at any time by logging on to the TIAA website.

How much do I need to contribute to get the maximum University Match?

In order to maximize the University Match, you will need to save at a rate of at least 5% of base pay.

When will my Plan account be vested?

You will be fully vested automatically in all contributions you and the University make to your account.

Additional design features

Contributions

• Contributions can be made on a pre-tax basis, after-tax basis through the Roth 403(b) option, or both. You can elect to contribute a flat dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Loans

• Participants are eligible to take a loan on employee contributions only. Plan loans are administered by TIAA and are subject to the terms of the TIAA loan program.  For further information, please contact TIAA.
• The number of loans is limited to three general purpose loans.

In-service distributions at age 59½

• • During active employment at age 59½, you will be able to take a distribution from the Plan. This is limited to employee contributions only.

Automatic escalation of savings rate of 1% per year to a maximum of 10% each July unless you provide direction to the contrary

• Each July, the University will increase your employee contribution by 1% to a maximum of 10%. If you are contributing between zero and 4%, the University will reset your contribution to 5% with the option to reduce or waive.

Yale University Tax-Deferred 403(b) Savings Plan

Command Staff, who are not enrolled in YURAP, may choose to contribute a portion of their pay to the Yale University Tax Deferred 403(b) Savings Plan as pre-tax contributions, Roth 403(b)* contributions, or a combination of both.
Employees can contribute a percentage of pay up to 75%, or the IRS annual maximum amount. Please refer to the YURAP section for Qualified Default Investment Alternative (QDIA) information.

If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50.

You may contribute a fixed-dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Employee contributions may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.  Employee and contributions may be invested in a wide range of Vanguard and TIAA investment options through TIAA.

To view Annual Compensation Limits and Contribution Limits, please visit the IRS website.

Enroll in a retirement plan or make investment changes.

Yale University 457(b) Deferred Compensation Plan

The Yale University 457(b) Deferred Compensation Plan provides a vehicle for employees meeting specific criteria to accumulate additional tax-deferred savings beyond the limits of the 403(b) plans. The plan is available to tenured professors, professors on continuing appointments in the School of Medicine and employees whose salary equals or exceeds 1.5 times the current year Social Security Wage Base.

Eligible faculty and staff can contribute a percentage of eligible pay up to 75% or the IRS annual maximum amount. The contributions made to the plan are exempt from federal and state taxes. There are no employer contributions to this plan. Please refer to the YURAP section for Qualified Default Investment Alternative (QDIA) information.

This type of plan is unfunded by the University; however, the account balance is credited with investment earnings based on the performance of funds selected and is always fully vested.

Contributions may be invested in a range of Vanguard mutual funds and TIAA investment options through TIAA website, www.tiaa.org/yale. and the investment funds available are the same as with the 403(b) plans.

Although it is not required, it is recommended that you also contribute the maximum annual IRS amount to your 403(b) plan if you decide to contribute to the 457(b) Deferred Compensation Plan.  Contributing to both the 403(b) and 457(b) plans can increase your tax-advantaged retirement savings but you should be aware that there are key differences between these plans when it comes to withdrawals, rollovers and transfer of funds.  If you are considering contributing to the 457(b) plan you should consult with your personal financial advisor, or a TIAA financial consultant or advisor to review your options.

View plan highlights of the 457(b) Deferred Compensation Plan

*Roth 403(b) contribution option

Watch a TIAA video explaining the Roth 403(b) contribution option.

How to enroll in a retirement plan and make changes to your investments

TIAA provides a customized website designed specifically for Yale participants where you can view and manage your Yale University retirement program contributions and investment options in one place. The site offers detailed fund information with Vanguard and TIAA investment fund options and retirement planning calculators.

To enroll in a retirement plan, update your beneficiary information, and view or change your investment options, go to the TIAA website.  Log in instructions are provided on the website. First-time users will need to register for secure online access.

For assistance navigating the TIAA website, please contact TIAA at 855-250-5424, Monday – Friday, 8 a.m. to 10 p.m. (ET).

If you have any questions regarding your retirement benefits, contact Employee Services at 203-432-5552.

• Yale University Tax-Deferred 403 (b) Savings Plan
• Roth 403(b) contribution option
• How to enroll in a retirement plan and make changes to your investments
• Retirement Plan Documents

Yale University Tax-Deferred 403 (b) Savings Plan

Postdoctoral Associates are eligible to participate in the Yale University Tax Deferred 403(b) Savings Plan, a Defined Contribution Plan that allows you to invest contributions from your pay in a wide range of investment options.

Your final retirement benefit will depend on your contribution rate, your investment choices and the investment return on those choices over the course of your participation in the plan.

You can contribute up to 75% of your pay to the Plan or you can elect to contribute the IRS annual maximum amount.   Contributions can be made as  pre-tax contributions, Roth 403(b)*contributions, or a combination of both.

If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50. You may contribute a fixed-dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Contributions by the employee may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.

To view Annual Compensation Limits and Contribution Limits, please visit the IRS website.

Employee contributions may be invested in a wide range of Vanguard and TIAA investment fund options through TIAA (Teachers’ Insurance Annuity Association).

*Roth 403(b) contribution option

Watch a TIAA video explaining the Roth 403(b) contribution option.

How to enroll in a retirement plan and make changes to your investments

TIAA provides a customized website designed specifically for Yale participants where you can view and manage your Yale University retirement program contributions and investment options in one place. The site offers detailed fund information with Vanguard and TIAA investment fund options and retirement planning calculators.

To enroll in a retirement plan, update your beneficiary information, and view or change your investment options, go to the TIAA website. Log in instructions are provided on the website. First-time users will need to register for secure online access.

For assistance navigating the TIAA website, please contact TIAA at 855-250-5424, Monday – Friday, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m.

If you have any questions regarding your retirement benefits, contact Employee Services at 203-432-5552.

Service and Maintenance (S&M) employees in benefit eligible positions have several retirement plan options.

• Yale University Retirement Account Plan (YURAP)
• Yale University Retirement Plan for Staff Employees
• Yale University Matching Retirement Plan
• Yale University Tax-Deferred 403(b) Savings Plan
• How to enroll in a retirement plan and make changes to your investments
• Retirement Plan documents

For employees hired or transferred into Service & Maintenance positions on or after January 23, 2022

• Retirement Choice Decision Guide
• Retirement Choice Election Change Form

Employees hired or transferred into Service & Maintenance positions on or after January 23, 2022, are eligible to choose YURAP or Staff Pension Plan plus the Matching Retirement Plan. You have a 30-day election window, starting from your date of hire, to make your retirement choice election. If no election is made, you will be automatically enrolled in YURAP. Once the 30-day election window closes, your retirement choice election is irrevocable.

Yale University Retirement Account Plan (YURAP)

Under the YURAP feature, Yale will automatically reduce your weekly eligible pay by 5% and deposit that amount as a pre-tax employee contribution to YURAP. Yale will make a Core Contribution equal to 5% of your eligible pay and a University Match equal to 5% of your eligible pay to your YURAP account. You may change the amount you contribute to YURAP at any time.

Your University Core Contribution will equal 5% of your eligible pay below the Social Security Wage Base (SSWB) plus 7.5% of eligible pays at or above the SSWB, up to the Annual Compensation Limit as defined by the IRS. The university will match 100% of your contributions, up to 5% of your eligible pay.

Your contributions as well as the University Core and Match contributions are automatically invested in the appropriate model portfolio selected for you by the Yale Target-Date Plus Service. The Plan’s Qualified Default Investment Alternative (QDIA), as described in Section 404(c)(5) of ERISA. The model portfolio selected for you is based on a predetermined projected retirement age and a moderate investment style, and also takes into account or considers any account balances you may have invested in any of the legacy TIAA and/or CREF annuity contracts. The Service uses these three parameters to create a model portfolio that invests your account and future contributions in age-appropriate investments while maintaining diversified, risk-managed exposure across a wide range of asset classes.

You can personalize your Target-Date Plus model portfolio or opt out of the Yale Target-Date Plus Service and select your own investments among one or more of the funds offered under the Plan’s investment lineup. You can personalize your model portfolio by changing your projected retirement age or investing style, or by adjusting “considered” legacy annuity assets.

Both the employee and employer contributions to the plan are immediately vested, meaning that the total accumulation belongs to the participant even if the employee terminates employment.

Yale University Retirement Plan for Staff Employees

The Yale Retirement Plan for Staff Employees (YRPSE) is a “defined benefit, non-contributory plan” in which the amount of pension payment for each participant is determined by a formula that gives weight to salary, length of service and age at retirement.

Employees are eligible for “normal retirement” at age 65 or hereafter with 5 years of service. They may retire at any time after age 55 when the sum of age and years of service equals or exceeds 75. Such “early retirement” may require a 4% “discount” of payment for each year before age 65 (to offset the actuarially extended life expectancy during which benefits will be paid). Pensions for employees who retire with at least 30 years of service are discounted 2% per year. Pensions for employees who retire at age 60 or later with at least 25 years of service are not discounted for early retirement.

Participants in the Plan “vest” after five years of service. Vesting gives a participant the right to a pension at age 65 (or when the sum of age and service equal 75) even if he or she leaves Yale employment.

The current formula for calculating a monthly pension can be found in the Yale University Retirement Plan for Staff Employees plan document.

The costs to Yale for the Plan are determined by an annual actuarial review (the “valuation”) which considers such factors as number of participants, salary levels and their probable growth, earnings on Plan assets, probable ages at retirement and mortality expectations for retirees.

Significant Features of the plan are:

• Lower salary increments are weighted at higher multipliers than higher salary increments providing a kind of “safety net” for retirees at lower salary levels.
• Terminated vested employees are eligible to “cash out” their pension benefit if the present value of their account balance is less than the plan limit.

Employees hired or transferred into Service & Maintenance positions before January 23, 2022, are automatically eligible for the Staff Pension Plan plus the Matching Retirement Plan.

Yale University Matching Retirement Plan

In a 403(b) Defined Contribution Plan, both employer and employee know how much will be contributed to the Plan. Local 34 , Local 35, Local 502, C&T non-union and members of the Yale Police Benevolent Association who are regularly scheduled to work at least 20 hours per week in a benefits eligible position are eligible to participate in the plan. There are many advantages to participating in the Plan: pre-tax employee contributions are tax-sheltered from federal and state taxes, earnings are not taxed until withdrawn. Roth 403(b) contributions are taken out of your paycheck after federal and state taxes are taken.

Employees can contribute up to 75% of eligible earnings to the Matching Retirement Plan, not to exceed the annual IRS limit. If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50. You may contribute a fixed-dollar amount, a percentage of your salary, or the IRS annual maximum amount. Contributions by the employee and the University may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.

To view Annual Compensation Limits and Contribution Limits, please visit the IRS website.

For employees with at least two years of service at benefit level, a dollar for dollar match of employee contributions will be made up to 2% of the base annual salary.
For employees age 45 or older with at least 5 years of service at benefit level, there will be a dollar for dollar match by the University of the employee contributions up to 4% of the base annual salary.

Participants in the Plan are immediately vested with respect to both their own contributions and University contributions. In this case, vesting means that the total accumulation follows the participant despite employment termination.

Withdrawals from your retirement account, however, must meet Federal Regulations, such as: age 59-1/2, termination from employment, death, disability, financial hardship as determined by the IRS.

Employee and university contributions may be invested in a wide range of Vanguard and TIAA investment options through TIAA (Teachers’ Insurance Annuity Association).

Additional Design Features

Contributions

• Contributions can be made on a pre-tax basis, after-tax basis through the Roth 403(b) option, or both. You can elect to contribute a flat dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Loans

• In most cases, you can borrow certain amounts from your 403(b) savings plan account. Plan loans are administered by TIAA and are subject to the terms of the TIAA loan program. For further information, please contact TIAA.
• The number of loans is limited to three general purpose loans.

Full distribution rights at termination and retirement

• The University will allow you to take your retirement account balance with you upon termination or retirement.

In-service distributions at age 59½

• During active employment at age 59½, you will be able to take a distribution from the Plan. This is limited to employee contributions only.

Enroll in a retirement plan or make investment changes.

Yale University Tax-Deferred 403(b) Savings Plan

Employees who are not eligible for the Matching Retirement Plan may choose to contribute to the Yale University 403(b) Tax-Deferred Savings Plan.

The Yale University Tax-Deferred 403 (b) Savings Plan allows you to invest contributions from your pay in a wide range of Vanguard and TIAA investment fund options. There are no university contributions. You may contribute a fixed-dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Employees may enroll in the 403(b) Tax-Deferred Savings Plan at any time during the year . To get started or make investment changes, see below.

How to enroll in a retirement plan and make changes to your investments

TIAA provides a customized website designed specifically for Yale participants where you can view and manage your Yale University retirement program contributions and investment options in one place. The site offers detailed fund information with Vanguard and TIAA investment fund options and retirement planning calculators.

To enroll in a retirement plan, update your beneficiary information, and view or change your investment options, go to the TIAA website. Log in instructions are provided on the website. First-time users will need to register for secure online access.

For assistance navigating the TIAA website, please contact TIAA at 855-250-5424, Monday – Friday, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m.

If you have any questions regarding your retirement benefits, contact Employee Services at 203-432-5552.

Police Officers who are members of the Yale Police Benevolent Association in benefit eligible positions have several retirement plan options.

• Yale University Retirement Plan for Staff Employees
• Yale University Matching Retirement Plan
• How to enroll in a retirement plan and make changes to your investments
• Retirement plan documents

Yale University Retirement Plan for Staff Employees

The Yale University Retirement Plan for Staff Employees is a “defined benefit plan”. The amount of pension payment is determined for each participant by a formula that gives weight to salary, length of service, and age at retirement. (Eligible employees are enrolled at hire date without any action on their part or any requirement to contribute.)

Employees are eligible for retirement at age 50 with a minimum of 20 years of service. They may retire at any time after age 50 when the sum of age and years of service equals or exceeds 70.

Participants in the Plan “vest” after five years of service. Vesting gives a participant the right to a pension at age 65 (or when the sum of age and service equal 70) even if he or she leaves Yale employment.

The current formula for calculating a monthly pension can be found in the Yale University Retirement Plan for Staff Employees plan document.

The costs to Yale for the Plan are determined by an annual actuarial review (the “valuation”) which considers such factors as number of participants, salary levels and their probable growth, earnings on Plan assets, probable ages at retirement and mortality expectations for retirees.

Terminated vested employees are eligible to “cash out” their pension benefit if the present value of their account balance is less than the plan limit.

Yale University Matching Retirement Plan

In a 403(b) Defined Contribution Plan, both employer and employee know how much will be contributed to the Plan. Local 34 , Local 35, Local 502, C&T non-union and members of the Yale Police Benevolent Association who are regularly scheduled to work at least 20 hours per week in a benefits eligible position are eligible to participate in the plan. There are many advantages to participating in the Plan: pre-tax employee contributions are tax-sheltered from federal and state taxes, earnings are not taxed until withdrawn. Roth 403(b) contributions are taken out of your paycheck after federal and state taxes are taken.

Employees can contribute up to 75% of eligible earnings to the Matching Retirement Plan, not to exceed the annual IRS limit. If you are age 50 or older, you can make an additional IRS Catch-up Contribution at any time during or after the calendar year in which you reach the age of 50. You may contribute a fixed-dollar amount, a percentage of your salary, or the IRS annual maximum amount. Contributions by the employee and the University may not exceed the limitations imposed by the Internal Revenue Code and applicable Treasury Regulations.

To view Annual Compensation Limits and Contribution Limits, please visit the IRS website.

For employees with at least two years of service at benefit level, a dollar for dollar match of employee contributions will be made up to 2% of the base annual salary.

For employees age 45 or older with at least 5 years of service at benefit level, there will be a dollar for dollar match by the University of the employee contributions up to 4% of the base annual salary.

Participants in the Plan are immediately vested with respect to both their own contributions and University contributions. In this case, vesting means that the total accumulation follows the participant despite employment termination.

Withdrawals from your retirement account, however, must meet Federal Regulations, such as: age 59-1/2, termination from employment, death, disability, financial hardship as determined by the IRS. Employee and university contributions are invested with TIAA (Teachers’ Insurance Annuity Association).

To get started or make investment changes, see “How to enroll in a retirement plan and make changes to your investments” at the bottom of this page.

Additional Design Features

Contributions

Contributions can be made on a pre-tax basis, after-tax basis through the Roth 403(b) option, or both. You can elect to contribute a flat dollar amount, a percentage of your salary, or the IRS annual maximum amount.

Loans

In most cases, you can borrow certain amounts from your 403(b) savings plan account.  Plan loans are administered by TIAA and are subject to the terms of the TIAA loan program.  For further information, please contact TIAA.

The number of loans is limited to three general purpose loans.

Full distribution rights at termination and retirement

The University will allow you to take your retirement account balance with you upon termination or retirement.

In-service distributions at age 59½

During active employment at age 59½, you will be able to take a distribution from the Plan. This is limited to employee contributions only.

To get started or make investment changes, see “How to enroll in a retirement plan and make changes to your investments” at the bottom of this page.

How to enroll in a retirement plan and make changes to your investments

TIAA provides a customized website designed specifically for Yale participants where you can view and manage your Yale University retirement program contributions and investment options in one place. The site offers detailed fund information with Vanguard and TIAA investment fund options and retirement planning calculators.

To enroll in a retirement plan, update your beneficiary information, and view or change your investment options, go to website www.tiaa.org/yale. Log in instructions are provided on the website. First-time users will need to register for secure online access.

For assistance navigating the TIAA web site, please contact TIAA at 855-250-5424, Monday – Friday, 8 a.m. to 10 p.m., or Saturday, 9 a.m. to 6 p.m.

If you have any questions regarding your retirement benefits, contact Employee Services at 203-432-5552.

The university offers a Staff Phased Retirement Plan to eligible excluded clerical and technical staff. Participants reduce their workload during the one year of phased retirement.

One-Year Program

One-Year phased retirement options are:

Option 1

The workload in the first six months of year one is 80% with no reduction in salary. The second six months of year one has a 60% workload with a 25% reduction in salary.

Option 2

The workload is 80% with no reduction in salary.

Staff members participating in the Staff Phased Retirement Plan may retire earlier but must retire no later than the date established under the option chosen by the employee as documented on the election form.

Eligibility

Full-time, active excluded C&T staff members in good standing are eligible for the program if they meet all of the following criteria at the start of their phased retirement:

• Attained age 55;
• Have a satisfactory performance rating of Meets Expectations or better;
• Have 10 or more years of continuous service that must immediately precede the employee’s retirement date, with the most recent three years of employment in a full-time position;
• Sum of their age and years of service, equals 75.

Participation in the plan by an eligible employee must be approved by the employee’s department head and Human Resources. Approval will be based on operational and financial needs of the department.

An employee who previously participated in the Staff Phased Retirement Plan is ineligible for re-enrollment. Rehiring such individuals as part-time casual employees is at the university’s discretion. Furthermore, if a retiree is rehired into a full-time regular or fixed-duration position, this reemployment constitutes a break in service and does not count toward eligibility for plan participation.

Benefits During Phased Retirement

While participating in the Staff Phased Retirement Plan, staff members are eligible to participate in the same benefits as during their full-time employment.

• Health, Dental and Vision Insurance: Eligibility continues. Contributions are based on full-time equivalent salary during phased retirement.
• Flexible Spending Accounts: Eligibility continues in the Medical and Dependent Care Flexible Spending Accounts.
• Basic Life, and Long-Term Disability: Coverage continues during phased retirement. Disability benefits are based on actual salary earned.
• Supplemental Life Insurance: If participating, coverage and contributions are based on actual salary earned.
• Voluntary Short-Term Disability Insurance (AFLAC): If participating, coverage and contributions are based on actual salary earned.
• Scholarship for Sons and Daughters: If the eligibility requirements of the Scholarship Plan are met, the benefit continues during phased retirement.

Retirement Plan Benefits During Phased Retirement

Participation in the university’s retirement plans will continue.

Participants of the Staff Pension Plan

• Yale University Retirement Plan for Staff Employees (YRPSE): Staff members who are active participants in the Staff Pension Plan will continue to accrue pension service during phased retirement.
• Yale University Matching Retirement Plan: Excluded C&T staff may continue to contribute to the Matching Plan and receive university contributions. University contributions are based on the actual salary earned.

Participants in the Yale University Retirement Account Plan (YURAP)

• Yale University Retirement Account Plan: Eligible Excluded C&T staff may continue to contribute to YURAP and receive university contributions. YURAP university contributions are based on the actual salary earned.

Review your retirement savings plan contribution amount to ensure that you are meeting your retirement savings goals. If contributing a percentage of salary, your contribution amount will decrease in year two based on your actual salary earned. To view and update your account, investment options or beneficiary designations go to the TIAA website or call 855-250-5424.

Time Off Benefits During Phased Retirement

During the four-day work week of a Phased Retirement arrangement, PTO, sick, flex days, holiday, and recess will be administered consistent with current pay practices.

During the three-day work week of a Phased Retirement arrangement, PTO, sick, flex days, holiday, and recess will be prorated with your full-time equivalent salary consistent with current pay practices. Guidelines for use of time off and carryover are unchanged during phased retirement.

Payout at End of Phased Retirement

Payout of eligible unused accrued time is typically made in the final paycheck.

• Vacation Time: Unused vacation carryover hours will be paid in a lump sum payout at the time of full retirement.
• Sick Time: 50% of unused sick time will be paid in a lump sum payout at the time of full retirement.
• Personal Days: Unused Personal Days are not eligible for payout.

Important Note: Eligible staff may elect to defer an amount not to exceed 75% of final pay including all or part of terminal Vacation/ PTO and/or Sick Time payouts (up to the IRS annual maximum) into their 403(b) retirement savings plan at the time of retirement. Contact the Employee Service Center at least 30 days before the full retirement date for a form and more information.

Benefits After Phased Retirement

• Retiree Medical: Retirees and eligible dependents may continue participation in Yale Health or Aetna. Medicare eligible retirees and/or spouses must enroll in Medicare Part A & B. Centers for Medicare and Medicaid Services (CMS), the federal agency that administers Medicare and issues guidelines for the program, requires timely enrollment in Medicare Part A and B. Faculty and staff must be enrolled in Medicare to enroll in a post-65 Yale Medicare plan. Retirees can contact Social Security Administration to enroll in Medicare 90 days prior to their 65th birthday or their retirement date by calling 800-772-1213 or by visiting www.ssa.gov. The University offers two Medicare plans administered by Aetna. The University provides a subsidy for retiree medical coverage. The maximum subsidy is attained with completion of 30 years of service.
  If your medical premiums are not being deducted from your pension check you will be billed by Aetna.
• Dental: Coverage may be continued for up to 18 months through COBRA.
• Eyemed Vision: Coverage may be continued for up to 18 months through COBRA.
• Retiree Life Insurance: $5,000 life insurance is provided at no cost to eligible Excluded C&T retirees.
• Scholarship for Sons and Daughters: The Scholarship benefit will continue into retirement if eligibility was met at retirement.
• Yale Advantages Employee Discount Program: Yale retirees continue to have access to the employee discount program.
• Yale University Retirement Plan for Staff Employees (YRPSE): There are various forms of payment available.
• 403(b) Retirement Savings Plans: Participants of Yale’s 403(b) retirement savings plans have full access to their accounts in retirement.

Social Security Administration

You may choose to apply, if eligible, for Social Security benefits while on phased retirement. While still active and eligible to participate in the Yale Health Plan or Aetna, it is not necessary to enroll in Medicare Part B. Centers for Medicare and Medicaid Services (CMS), the federal agency that administers Medicare and issues guidelines for the program, requires timely enrollment in Medicare Part A and B. Faculty and staff must be enrolled in Medicare in order to enroll in the post-65 Yale Medicare plans.

Retirees can contact Social Security Administration to enroll in Medicare 90 days prior to their 65th birthday or their retirement date by calling 800-772-1213 or by visiting the Social Security website.

Financial Planning and Support

Schedule a One-on-One Investment Education Meeting with a TIAA Financial Consultant

Call 800 732-8353, Monday through Friday, 8 a.m.- 8 p.m. (ET). Or visit the TIAA website.

Obtain a Staff Pension Plan Estimate

If you have participated in the Staff Pension Plan, select the  Staff Pension Plan in your Workday Benefits and Pay Hub to review your pension or call the Yale Pension Service Center at 877-352-5552, choose #2, to request an estimate of your Staff Pension Plan benefit.

Obtain an Estimate of your Social Security Benefits

Calculate your Social Security benefits based on your actual Social Security earnings record online at the Social Security website or call 800-772-1213.

Attend a Retirement Education Series Workshop

Log in to the TIAA website for registration information and a schedule of upcoming workshops.

Retiree Benefits Overview

Benefits counselors provide an overview of available retiree benefits.

Retirement & Financial Planning Workshops

Attend a two-part workshop which addresses a variety of financial and retirement planning topics.

Social Security Overview

Attend a session with a representative from Social Security Administration and hear about social security benefits and application process.

Contact Information

The university offers a Staff Phased Retirement Plan to eligible managerial and professional staff. Participants reduce their workload during the one year of phased retirement.

One-Year Program

One-year phased retirement options are:

Option 1

The workload in the first six months of year one is 80% with no reduction in salary. The second six months of year one has a 60% workload with a 25% reduction in salary.

Option 2

The workload is 80% with no reduction in salary.

Staff members participating in the Staff Phased Retirement Plan may retire earlier, but must retire no later than the date established under the option chosen by the employee as documented on the election form.

Eligibility

Full-time, active managerial and professional staff members in good standing are eligible for the program if they meet all of the following criteria at the start of their phased retirement:

• Attained age 55;
• Have a satisfactory performance rating of Meets Expectations or better; 
• Have 10 or more years of continuous service that must immediately precede the employees retirement date, with the most recent three years of employment in a full-time position;
• Sum of their age and years of service, equals 75.

Participation in the Plan by an eligible employee must be approved by the employee’s Department head and Human Resources. Approval will be based on operational and financial needs of the department.

An employee who previously participated in the Staff Phased Retirement Plan is ineligible for re-enrollment. Rehiring such individuals as part-time casual employees is at the university’s discretion. Furthermore, if a retiree is rehired into a full-time regular or fixed-duration position, this reemployment constitutes a break in service and does not count toward eligibility for plan participation.

Benefits During Phased Retirement

While participating in the Staff Phased Retirement Plan, staff members are eligible to participate in the same benefits as during their full-time employment.

• Health, Dental and Vision Insurance: Eligibility continues. Contributions are based on full-time equivalent salary during phased retirement.
• Flexible Spending Accounts: Eligibility continues in the Medical and Dependent Care Flexible Spending Accounts.
• Basic Life, Short Term Disability and Long Term: Disability Coverage continues during phased retirement. Disability benefits are based on actual salary earned.
• Supplemental Life Insurance: If participating, coverage and contributions are based on actual salary earned.
• Supplemental Disability Insurance: If eligible, coverage and contributions are based on actual salary earned.
• Scholarship for Sons and Daughters: If the eligibility requirements of the Scholarship Plan are met, the benefit continues during phased retirement.
  • Yale University Retirement Account Plan (YURAP): Eligible staff may continue to contribute to YURAP and receive university contributions. YURAP university contributions are based on the actual salary earned.
• Yale University Retirement Plan for Staff Employees (YRPSE)*: Staff members who are active participants in the Staff Pension Plan will continue to accrue pension service during phased retirement.
• Yale University Tax-Deferred 403(b) Savings Plan: Eligible M&P staff who are current participants of the Staff Pension Plan may contribute to the Tax Deferred 403(b) Savings Plan.
• Paid Time Off (PTO): Unused PTO hours will be paid in a lump sum payout at the time of full retirement.
• 90-Day PTO Extension: Any unused PTO Max Extension time will expire and is not compensable upon termination or retirement.
• Sick Time: 50% of unused sick time will be paid in a lump sum payout at the time of full retirement.
• Flex Days: Unused Flex Days are not eligible for payout.
• Retiree Medical: Retirees and eligible dependents may continue participation in Yale Health or Aetna. Medicare eligible retirees and/or spouses must enroll in Medicare Part A & B. Centers for Medicare and Medicaid Services (CMS), the federal agency that administers Medicare and issues guidelines for the program, requires timely enrollment in Medicare Part A and B. Faculty and staff must be enrolled in Medicare to enroll in a post-65 Yale Medicare plan. Retirees can contact Social Security Administration to enroll in Medicare 90 days prior to their 65th birthday or their retirement date by calling 800-772-1213 or by visiting www.ssa.gov. The University offers three Medicare plans administered by Aetna. The University provides a subsidy for retiree medical coverage. The maximum subsidy is attained with completion of 30 years of service.
• Retiree Dental: Dental coverage may be continued in retirement by paying the full cost of coverage.
  Note: Medical and Dental premiums are billed by Aetna. Participants are encouraged to enroll in Autodebit.
• Eyemed Vision: Coverage may be continued for up to 18 months through COBRA.
• Retiree Life Insurance: $1,000 life insurance is provided at no cost to eligible M&P retirees.
• Scholarship for Sons and Daughters: The Scholarship benefit will continue into retirement if eligibility was met at retirement.
• Yale Advantages Employee Discount Program: Yale retirees continue to have access to the employee discount program.
• 403(b) Retirement Savings Plans: Participants of Yale’s 403(b) retirement savings plans have full access to their accounts in retirement.
• Yale University Retirement Plan for Staff Employees (YRPSE): There are various forms of payment available.

Financial Planning and Support

Schedule a One-on-One Investment Education Meeting with a TIAA financial consultant.

You can receive personalized retirement savings plan investment advice. Call 800 732-8353, Monday through Friday, 8 a.m.- 8 p.m. (ET). Or visit www.tiaa.org/schedulenow.

Contact Information