Basic Retirement Plan for Hourly Employees (employer contributions)

University of Maine System offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. 
Learn what plans allow eligible employees to do.
Employees must contribute 1% of their base salary. In addition, employees can voluntarily contribute up to an additional 3% of their base salary. The University matches these contributions dollar for dollar up to a maximum of 4% of the employee's base salary. After an employee has completed the required four (4) years of service, the University of Maine System will provide an additional contribution to the plan equal to 6% of the employee's base salary. Employee contributions will be made to a 403(b) GRA account and will be matched by employer contributions to a 401(a) GRA account. Please be sure to sign up for both accounts when you enroll. University Plan contributions will be made only if you have made your required contributions.
The program is mandatory for employees hired on and after July 1, 1998. Employees must contribute 1% of their base salary.
To obtain vesting information regarding this plan, contact TIAA at 800-842-2252.

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