If you are not vested under the PURP when you terminate employment with the University, your account will be forfeited as of your termination date. The University will use any forfeited amounts to reduce future contributions to the Plan. If you are reemployed by the University at a time when your vesting service is restored to you, any amounts that you forfeited from your account will be restored to you.
If you are vested under the Plan when you terminate employment with the University, and the amount of your account balance is $10,000 or less, you may be eligible to receive this amount in a single lump sum payment regardless of your age. Otherwise, your account balance is not available to you in the form of a single lump sum payment until you are at least age 55.
Upon your retirement, you may choose from among several income options. You may elect to receive your accumulation in any form of payment available through the investment fund in which you are drawing a benefit income. If you are married, your right to choose an income option is subject to your spouse’s right, under federal pension law, to survivor benefits, unless you and your spouse waive this right.
As you near retirement, you may wish to review your retirement plan income options with an individual retirement plan counselor from TIAA-CREF, Vanguard or both.
For information about your TIAA-CREF income options, visit the TIAA-CREF website
or call (800) 842-8412 to speak with a TIAA-CREF counselor or set up an on-campus appointment.
For information about your Vanguard income options, visit the Vanguard website
or call (800) 523-1188 to speak with a Vanguard Participant Services Associate, Monday through Friday, from 8:30 a.m. to 9 p.m. EST.
You can count on support from knowledgeable and responsive HR staff when you have a benefits question or problem. Just call us at (609) 258-3302 or send us an e-mail. We’re here to help!
While the University intends to continue each of the benefit plans, the University reserves the right to terminate or amend any plan, at any time, and for any reason.