Section 8-B1323. RETIREMENT BENEFITS

 

1323.1The University shall provide retirement plans for all full-time employees.

 

1323.2The mandatory retirement age shall be seventy (70) years of age for all employees unless, by special vote, the Board of Trustees extends service for an employee beyond the mandatory retirement age. Each extension shall be made for specific periods not to exceed one (1) year.

 

1323.3The TIAA/CREF retirement plan shall be available to all employees. The University shall contribute a percentage based upon an employee's salary. Employee contribution shall be optional.

 

1323.4Social Security retirement benefits shall be provided for part-time, temporary, and full-time employees as required by law.

 

1323.5Individuals hired as administrative employees who are members of the federal Civil Service Retirement System may elect to maintain membership in that retirement system.

 

1323.6Employees of the Teachers Salary Act (TSA) retirement plan who elected to remain under that retirement plan at the time of the transfer from the Board of Education to the Board of Higher Education, under the provisions of P.L. 89-791, shall remain eligible for retirement under that plan. Retirement shall remain subject to the provisions of P.L. 624, 79th Congress, approved August 7, 1946, as amended, and the provisions of D.C. Law 2-139, §§3204(d) and (e) shall not apply to these employees.