The University of Pittsburgh Retirement Program, established under the Internal Revenue Code, allows employees to participate in a Defined Contribution Plan (TIAA).
Defined Contribution Plan
Full-time faculty, librarians, and research associates, as well as part-time tenured or tenure-stream faculty and part-time faculty librarians with the expectation of continuing employment, may make an elective tax deferred retirement contribution and receive a University matching contribution. Within the limits permitted by tax regulations, supplemental contributions without a match may also be made.
Employees who are not eligible for a University matching contribution may make personal elective tax deferred contributions, known as supplemental contributions, within the limits permitted by tax regulations.
Booklets and other documents issued by TIAA explain in detail the investment, annuity, and benefits provisions of the Defined Contribution Plan. To speak with a counselor regarding specific investment or distribution options, employees may reach a retirement plan consultant as follows:
When a faculty member separates from University employment, regardless of age or official University retirement status, he or she may allow the retirement accounts to stand in full or in part until a future time or to access all or part of the accounts through a variety of cash and/or annuity options. If a faculty member’s participation is fully vested, the funds, including all matching contributions made by the University, remain in the account. If a faculty member’s participation is subject to delayed vesting and University employment is ended prior to the vesting of the University's contributions, only the faculty member’s portion of the funds remains in the account(s) with the carrier.
Information pertaining to participation in these plans is available from the Benefits Department of the Office of Human Resources.