Employees are eligible to participate in WPI's retirement plan on the first day of the month following completion of at least twelve months of continuous service, if they are in the eligible class of participants, and work at least 1,000 hours per calendar year. Investment options are available through TIAA/CREF and/or Fidelity. The waiting period will be waived for any employee with one year of continuous service as a non‑student at any non‑profit educational organization or teaching hospital, or already participating in a 403B plan immediately prior to the start of employment at WPI.
Contributions to the retirement plan are calculated annually as follows:
- Employees must contribute 5% of their base salary ‑‑ and WPI will contribute 6% of the first $10,800 in base salary and 11% of base salary in excess of $10,800.
For eligible exempt employees participation is mandatory after one year of service.
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. Employees are eligible to participate on the first day of the month following their date of hire. The GSRA has a unique feature consisting of a loan provision, which allows access to tax deferred annuity savings without current income taxation or penalty. For details and enrollment forms contact the Office of Human Resources.Maintained by firstname.lastname@example.org
Last modified: November 12, 2008 09:01:07