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In their latest paycheck, employees who pay into their retirement plans saw an increase in what the University contributes.
"For the fourth year in a row, the University is increasing the matching contribution to the retirement plan," said John P. Kysar, director of benefits.
"Effective July 1, the University has begun to contribute 8 percent of earnings to the retirement accounts of participants who are investing 4 percent or more of their salary through payroll deduction. The University had provided 7.5 percent in matching contributions, which was up from 6 percent four years ago."
The contribution increase will take place automatically. The added .5 percent will be directed to the investment the employee previously authorized to receive the largest share of employer contributions.
"Of course, you can always direct the contribution differently if you are vested," Kysar said. "Forms for that purpose are available in the benefits office on your campus or from any benefits representative."
Employees can begin contributing to a retirement plan immediately after they are hired. The University begins its contributions after the first year of employment, and employees are vested after three years of service. "I would encourage everyone, especially young people, to take advantage of the opportunity to get in the retirement plan as soon as possible," Kysar said. "This makes an immense difference in someone's future security."
For more information, call the benefits office at 977-2304.