Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections
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Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

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REGENTS’ POLICY MANUALSECTION 3—GENERAL POLICIESV. RETIREMENT DATE:The effective date of retirement for an Eligible Employee will be the first of any month following theattainment of the age and/or service requirement(s) as provided in V., above, as applicable, and theEligible Employee ceases to be an employee of the University. The exception to this rule is EligibleEmployees who qualify for Phased Retirement may still continue in the employ of the University.VI. BENEFITS SOURCESSOCIAL SECURITY:MONETARYFor those fully insured and eligible under Social Security, a monthly retirement amount is available.1) Participation. All Eligible Employees, irrespective of age, except students and nonresidentaliens, are mandatory contributors to Social Security.2) Contributions. Contributions are made by payroll withholding. Each EligibleEmployee is taxed at a fixed percentage on all salary/wages received on a calendaryear basis as determined by the Social Security Administration. The Universitymatches these contributions as required under Social Security.3) Benefit. Responsibility for the calculation of the exact benefit to be paid isdetermined by Social Security.TEACHERS’ RETIREMENT SYSTEM OF OKLAHOMA (TRS)TRS is administered by TRS, and all decisions regarding TRS including, by example, eligibility foramounts of benefits, is determined solely by TRS Participation. Membership is mandatory for all faculty,executive officers, administrative officers, and all administrative, professional and managerial staffEligible Employees who work .50 full-time equivalency basis or more for six months or more.a) The following are optional Members:• Benefit Eligible hourly Eligible Employees;• Visiting faculty;• Temporary and intermittent instructors and lecturers on the NormanCampus, or• Eligible Employees hired on or after age 45.b) The following cannot participate in TRS: Benefit Eligible Oklahoma HealthSciences Center faculty where University salary is less than the salary providedby an institution affiliated with the University, whether such affiliation is bycommon governance or by contract.THE UNIVERSITY OF OKLAHOMA 198

REGENTS’ POLICY MANUALSECTION 3—GENERAL POLICIESc) Enrollment is automatic the month after the Eligible Employee achieveseligibility. However, Eligible Employees need to enroll formally in order todesignate a beneficiary.2) ContributionsRate and base for TRS contributions are determined by the TRS Trustees and announced eachfiscal year.3) Benefits. The retirement formula used to determine the maximum monthly retirement benefitis determined by the TRS Trustees.Actuarial reductions are made for earlier retirement. Special TRS rules exist for 30-yearretirements and “Rule of 80" retirements. Members joining TRS on or after July 1, 1992,must satisfy the “Rule of 90.” Also, special provisions exist for purchasing credit for out-ofstateand military service.DEFINED CONTRIBUTION PLAN:DISABILITY1) Participation.All “eligible employees” as defined in the Defined Contribution Plan who are age 28 and older orwho have three or more Years of Service participate in the Defined Contribution Plan. The age28/3-year rule will be waived for any individual entering University employment from anotherinstitution in which he/she participated in a TIAA-CREF or similar plan. Waivers are alsogranted for those individuals who do not qualify for TRS membership because of age or becausethey are geographic full-time faculty members at the Health Sciences Center whose base salarydistributions do not qualify them for TRS membership. See the Defined Contribution Plan for adescription of and eligibility for benefits under the Defined Contribution Plan.2) Contributions. Based on rules of the Defined Contribution Plan.3) Benefits. The retirement benefit will be based on total accumulations and age at thetime of Retirement or other termination of employment from the Institution.An Eligible Employee who has completed 10 Years of Service with the University is eligible to applyfor Disability Benefits under this policy. Written proof of disability by a physician is required by theUniversity.1) To apply for the Disability benefits with the University, an Eligible Employee shouldcontact the University’s Benefits Office to schedule a counseling session. Disabilitystatements must be completed by the employee and the physician(s). Thephysician(s) must provide medical documentation to substantiate the diagnosis ofDisability. When all statements are completed, they should be returned with medicalrecords to the University’s Benefits Office for processing.2) Disability applications are reviewed and the final determination of Disability isderived primarily from medical documentation but may also be inclusive of otherpertinent information (i.e., administrative, environmental). Approval or denial ofDisability Benefits may be recommended by the University’s Director of HumanTHE UNIVERSITY OF OKLAHOMA 199

REGENTS’ POLICY MANUALSECTION 3—GENERAL POLICIESV. RETIREMENT DATE:The effective date <strong>of</strong> retirement for an Eligible Employee will be the first <strong>of</strong> any month following theattainment <strong>of</strong> the age and/or service requirement(s) as provided in V., above, as applicable, and theEligible Employee ceases to be an employee <strong>of</strong> the University. The exception to this rule is EligibleEmployees who qualify for Phased Retirement may still continue in the employ <strong>of</strong> the University.VI. BENEFITS SOURCESSOCIAL SECURITY:MONETARYFor those fully insured and eligible under Social Security, a monthly retirement amount is available.1) Participation. All Eligible Employees, irrespective <strong>of</strong> age, except students and nonresidentaliens, are mandatory contributors to Social Security.2) Contributions. Contributions are made by payroll withholding. Each EligibleEmployee is taxed at a fixed percentage on all salary/wages received on a calendaryear basis as determined by the Social Security Administration. The Universitymatches these contributions as required under Social Security.3) Benefit. Responsibility for the calculation <strong>of</strong> the exact benefit to be paid isdetermined by Social Security.TEACHERS’ RETIREMENT SYSTEM OF OKLAHOMA (TRS)TRS is administered by TRS, and all decisions regarding TRS including, by example, eligibility foramounts <strong>of</strong> benefits, is determined solely by TRS Participation. Membership is mandatory for all faculty,executive <strong>of</strong>ficers, administrative <strong>of</strong>ficers, and all administrative, pr<strong>of</strong>essional and managerial staffEligible Employees who work .50 full-time equivalency basis or more for six months or more.a) The following are optional Members:• Benefit Eligible hourly Eligible Employees;• Visiting faculty;• Temporary and intermittent instructors and lecturers on the NormanCampus, or• Eligible Employees hired on or after age 45.b) The following cannot participate in TRS: Benefit Eligible Oklahoma HealthSciences Center faculty where University salary is less than the salary providedby an institution affiliated with the University, whether such affiliation is bycommon governance or by contract.THE UNIVERSITY OF OKLAHOMA 198

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