Retirement Savings Plans
The program is mandatory/nonelective for eligible faculty and salaried employees age 30 and older (voluntary/elective prior to age 30). The University contributes an amount equal to 10% of the employee’s base salary, and the employee contributes 4% of base salary.
There is a five year vesting period for the University's retirement contributions to this plan for salaried (excluding faculty) employees hired on or after January 1, 2010.
Current approved vendors are:
Before you can contribute to an approved vendor, you must set up an account with that vendor (with the exception of TIAA-CREF).
To contribute to an alternate vendor, follow these easy steps:
- Contact your chosen vendor and set up an account.
- Complete a new Salary Reduction Agreement. The new Agreement will replace any previous Agreement you submitted; therefore, you must restate the amount you want to tax-defer on the new Agreement.
- Fax the completed form to the Employee Benefits Center at (207) 561-3454 or mail to 16 Central Street, Bangor ME 04401. Your new investment options will begin once your form has been processed.
The above is a brief summary of benefits offered by the University of Maine System. If you have a question about benefits enrollment, call toll-free 866-269-9635 (or 973-3373) or email email@example.com. Have your Employee ID number for faster service.
Last Updated: April 18, 2013