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Cash Balance Plan
On January 1 of each year TSRI contributes an amount equal to 5% (or $2,000, whichever is greater) of an employee's previous year's salary to a Cash Balance Retirement Plan. In addition, an employee who participates in the Tax Sheltered Annuity Plan will receive a matching contribution credit deposited into the Cash Balance Account of up to 50% on the first 6% of their contributions. As of January 1, 2009 the matching contribution will be deposited into the employee's Tax Sheltered Annuity Plan instead of into the Cash Balance Plan. Employees must be in an eligible classification, work a minimum of 500 hours per year and be employed on the date the contribution is made to receive a contribution. The employee is fully vested after three years of eligible service.
Employees in Grades 13 and above in a non-scientific position are eligible
to participate in the Staff Retirement Plan,
at a 10% contribution rate.
Please note new employees hired as of January 1, 2009 or later must fulfill
a one year waiting period before contributions will commence. The one
year waiting period counts towards vesting.
How your account balance is calculated:
| Account Balance as of January 1,
2005 |
$2,500 |
| Plus |
+ |
| A Deposit Credit of 5% of pay between January
1, 2006 and December 31, 2006 (5% of $40,000) |
$2,000 |
| Plus |
+ |
| Twelve months of Interest Credits based on
January 1, 2006 Account Balance based on an effective annual rate
of 5.83% |
$145.75 |
| Equals |
= |
| Account Balance as of December 31, 2006 |
$4,645.75 |
Links
FAQs (Frequently Asked Questions)
Cash Balance Beneficiary Designation Form- This form is used to change your beneficiaries in the Cash Balance Plan.
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