HMC’s Staff Retirement Plan (SRP) is a defined benefit retirement plan that uses a formula based on earnings during years of participation to determine a guaranteed retirement benefit. Participants become vested after 5 years of service or at age 65, if sooner. Eligible employees include non-exempt staff in salary grades A-H and exempt staff in salary grades 1-4. However, no new participants were admitted for participation in the Plan after June 30, 2005, the date the Plan was frozen. Effective July 1, 2005, active SRP participants began participating in the Academic Retirement Plan. Benefit payments from the SRP are paid to you in equal monthly installments over your lifetime.

Academic Retirement Plan
The Academic Retirement Plan (ARP) is a defined contribution retirement plan under which HMC contributes monthly at a rate of 12 percent of compensation to a 403(b) account in the participant’s name at TIAA-CREF (Teachers Insurance Annuity Association/College Retirement Equity Fund). Contributions are immediately vested and participants select their own investment allocation. To participate in the ARP, eligible employees must have attained age 21 and may be required to satisfy a service requirement that varies depending upon the position they occupy. Independent contractors, union employees and employees who are students or post-doctoral fellows are not eligible to participate in the ARP. The Human Resources Office will notify employees if and when they become eligible to participate in the ARP. Upon receiving such notification, eligible employees must complete and return a timely enrollment form in order to participate in the plan.

Tax Deferred Annuity Plan
The Tax Deferred Annuity (TDA) Plan is a defined contribution retirement plan that allows employees to make voluntary salary reduction contributions on a pre-tax basis through automatic payroll deduction. Eligible employees include all employees working a regular schedule. The minimum contribution amount is $25.00 per month and contributions are deposited monthly into a 403(b) account. Participants select their own investment allocation and may choose among any one of the following investment companies: TIAA-CREF (Teachers Insurance Annuity Association/College Retirement Equity Fund), Fidelity Investments or Vanguard. Employees can enroll in the TDA Plan at any time. Enrollment materials can be obtained by contacting the CUC Retirement Services office at (909) 621-8805.