29.1.4 Prior to July 1, 2015 Members shall make contributions of seven and a half (7.5) percent for earnings below the YMPE and nine (9) percent for earnings above the YMPE of a Member’s Reference Salary to the Member’s Money Purchase Account. The University shall make contributions of seven (7) percent of a Member’s Reference Salary to the Member’s Money Purchase Account and in addition, shall contribute such amount as is certified by the plan Actuary as appropriate to make provision for the funding of the benefits to be provided from the Minimum Guarantee Pension.
Effective July 1, 2015, Members shall make contributions of eight (8) percent for earnings below the YMPE and nine and a half (9.5) percent for earnings above the YMPE of a Member’s Reference Salary to the Member’s Money Purchase Account. The University shall make contributions of seven (7) percent of a Member’s Reference Salary to the Member’s Money Purchase Account and in addition, shall contribute such amount as is certified by the plan Actuary as appropriate to make provision for the funding of the benefits to be provided from the Minimum Guarantee Pension.
Effective January 1, 2016, Members shall make contributions of eight (8) percent for earnings below the YMPE and ten (10) percent for earnings above the YMPE of a Member’s Reference Salary to the Member’s Money Purchase Account. The University shall make contributions of seven (7) percent of a Member’s Reference Salary to the Member’s Money Purchase Account and in addition, shall contribute such amount as is certified by the plan Actuary as appropriate to make provision for the funding of the benefits to be provided from the Minimum Guarantee Pension.
The University will make both the Member and University contributions to the Member’s Money Purchase Account for any Member, who by reason of disability, is in receipt of Long Term Disability Benefits from the University’s insurance provider.
Effective January 1, 2016, Members who withdraw the commuted value of their pension will not be eligible for Post-Retirement Benefits.