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

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