Retirement (1400:28:01)

POLICY

Casper College participates in a retirement plan for all benefitted full and part time employees.

RESPONSIBILITY

The Manager of Payroll and Benefits is responsible for ensuring that eligible employees are provided information regarding the Casper College retirement program and an opportunity to enroll. The Director of Human Resources is responsible for interpreting eligibility status and other procedural matters.

DEFINITIONS

Benefitted Employees: Employees who are hired for twenty or more hours per week for an indefinite period. Benefitted employees may be on either probationary or continuing status. Employees who are either hired for less than twenty hours per week or who are hired for a specified period are classified staff as “intermittent” employees and are not “benefitted” employees. This includes adjunct instructors and employees hired on a Temporary Authorization Form.

PROCEDURE

Casper College contributes 11.25% of an employee’s gross salary to retirement. Eligible employees can elect to participate in either the Wyoming Retirement System (WRS) or the Teacher’s Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF). Employees CAN NOT change retirement plans once they have enrolled in one or the other.

Contributions to either WRS or TIAA-CREF are made on any pay for administrative, sabbatical, annual, sick, vacation, or personal leave; any pay for compensatory time, provided that any such pay for compensatory time is made during the same calendar year in which the compensatory time is earned, and any retroactive compensation payments pursuant to court orders, arbitration awards, or litigation and grievance settlements. Contributions are not made on fringe benefits such as payments for unused sick, personal, or vacation leave; housing allowances; transportation expenses; early retirement incentive pay; severance pay; bonuses; medical insurance; workers’ compensation benefits; disability insurance premiums or benefits; or any other payment which may reasonably be construed to be a fringe benefit; or any payment made during any three-year period of employment which is deemed to increase highest average salary for the primary purpose of increasing a retirement benefit.

WRS is a defined benefit plan providing for a pension upon retirement. Employees may retire with full benefits at age 60 or when combined years of service and age equal 85, whichever comes first. Full retirement benefits equals 2% of a members highest average salary for each year of credited service. Early retirement under WRS may be as early as age 50 at reduced benefits. Vesting in WRS is in forty-eight (48) months.

TIAA-CREF is a market based annuity plan offering several options as part of its portfolio. Vesting in the TIAA-CREF plan is immediate.