The Catholic University of America

Benefits

Archived 12/14/12

VII. Retirement

A. Eligibility
An employee is eligible for retirement if he or she is at least 60 years of age and his or her age plus continuous years of service in a regular benefits eligible position equal at least 75. The university values the contributions of its employees and encourages employees who have retired to remain a part of the university community. Several of the retiree benefits described in this policy are intended to encourage retirees to participate in university courses and events.

In the case of a tenured faculty member, the Provost, in consultation with the President, may determine that it is in the best interest of the university to approve retirement before age 60 provided that the faculty member's age and continuous years of service in a regular, benefits eligible position equal at least 75.

B. Retirement Planning
During their employment at CUA, employees are strongly encouraged to set financial goals and plan for retirement. The Retirement Plans established for eligible employees are administered by TIAA-CREF, the largest private pension plan in the United States. Employees in regular full-time or regular part-time positions who are at least 26 years old and who have at least one year of service with the university are required to participate in the university supported Retirement Annuity Plan. Eligible employees may elect to contribute 0.0 percent, 2.5 percent or 5.0 percent of their pre-tax incomes to their retirement plans. The university then contributes 5.0 percent, 7.5 percent or 10.0 percent, respectively, of the employees' pre-tax incomes to the plan. In addition to the Retirement Annuity plan, regular full-time and regular part-time employees may elect to participate in the Supplemental Retirement Annuity (SRA). There is no minimum age to participate in the SRA and there is no university contribution to the SRA.

Employees who are considering retirement may wish to meet one-on-one with a TIAA-CREF representative. TIAA-CREF and the university publish a list of dates when TIAA-CREF representatives are on campus to meet with employees. Additional information on scheduling a meeting with TIAA-CREF is available in the CUA Office of Human Resources

C. CUA Retirement Benefits
CUA retirees, as defined in section I, are eligible for several benefits, many of which are awarded to encourage retirees to continue to participate in aspects of the university which interest them. Retirement benefits include the following:

  • Retirees may continue their group health and dental care coverage after retirement (contingent upon the terms of the university's contracts with its insurance companies) at the full group rate. The university does not contribute to the premium. Rates and payment information are available in the Office of Human Resources. In the event of the death of a retiree enrolled in family coverage in one of the health plans offered by CUA, the retiree's surviving spouse and eligible dependents may continue their coverage at the full group rate.
  • The university provides retirees with life insurance in the amount of $5,500 at no cost to the retiree. The amount decreases as the retiree's age increases. Contact the Office of Human Resources or the life Insurance brochure distributed to benefits eligible employees for details on the amount of coverage for each age group.
  • Upon request, the university will issue to a retiree a permanent CUA identification card indicating retirement status. No annual update of the card is required.
  • Retirees may continue to receive tuition assistance benefits for spouses and dependent children by birth or adoption with the limitation that the benefit will be extended only if the spouse and dependent children were eligible at the time the employee retired and only for undergraduate programs. Retirees and their spouses may audit courses without charge, subject to the permission of the instructor of each course.
  • Borrowing privileges are continued at the CUA libraries upon presentation of a CUA identification card.
  • Retirees are invited to participate in CUA ceremonial, liturgical, and social functions. A CUA identification card may be required.
  • Retirees are welcome to request and receive copies of selected university publications.
  • Retirees may use their CUA identification cards to obtain a one-day temporary parking permit when visiting the campus.

For additional information about the CUA Retirement Plan or retirement benefits, contact the Office of Human Resources.