Retirement Plan
You can participate in WPI's retirement plan on the first day of the month following completion of at least twelve months of continuous service, if you are in the eligible class of participants, and you work at least 1,000 hours per calendar year. Waiting period will be waived for anyone with one year of continuous service as a non-student at any non-profit educational organization or teaching hospital, or already participating in TIAA/CREF immediately prior to the start of employment at WPI.
Contributions to the retirement plan are made as follows:
You must contribute 5% of your base salary and WPI will contribute 6% of the first $10,800 in base salary and 11% on base salary in excess of $10,800.
For eligible exempt employees participation is mandatory.
Group Supplemental Retirement Annuity (GSRA)
The GSRA is an alternative tax sheltered annuity for employees who want to set aside funds in addition to the amount being accumulated under the University's retirement plan. You are eligible on the first of the month following date of hire. The GSRA has a unique feature consisting of a loan provision, which allows access to your tax deferred annuity savings without current income taxation or penalty. For details and enrollment forms contact Human Resources.
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