The Lehigh University Retirement Program for Faculty and Staff is an employer paid defined contribution plan for all faculty and staff members employed in benefits eligible positions who are scheduled to work, or who actually work, a minimum of 1,000 hours in a 12 consecutive month period.
Participation in the plan begins on the first work day for faculty and staff members over the age of 35. For those under age 35, participation begins the first of the month following the employee's 35th birthday or after reaching 21 and completing two years of service, whichever is earlier.
The contribution rate is five percent of pension eligible earnings for individuals under age 30. For individuals age 30 and older, the contribution rate is ten percent.
Faculty and staff members are not required to contribute to the plan.
University contributions are forwarded to the Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF) for deposit into fully vested, individual accounts.