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Retirement

Frequently Asked Questions about Retirement

  • What are my retirement plan options?

    Retirement plan choices vary by position type.

    Non-exempt employees and police officers enroll in the State Retirement and Pension System (SRPS).

    Faculty (including librarians) and exempt staff may choose between the State Retirement and Pension System (SRPS) and the Optional Retirement Plan. New exempt and faculty employees must choose a retirement plan before being placed on payroll. Once you select the plan, we will provide you with an enrollment packet.

    Click here for a comparison of the two plans.

    All regular employees may also enroll in tax deferred 401K, 403B and 457 plans.

  • Do any plans offer matching?

    A Match Program is available to all employees who are members of the Employees Contributory Pension System (all Regular Non-Exempt employees and Regular Exempt employees who elected this plan are members). The Match Program provides $600 per fiscal year into an account on your behalf as long as you contribute the same amount in the fiscal year. If you want to receive the match, just enroll in a supplemental plan at any time. If you enroll early, the deduction is only $15.38 per pay. The program is reviewed each fiscal year and employees are notified if it will continue in the next fiscal year. Note that you can set aside more than the $600 amount (contribution limits are listed in the plan information) but the match will end once the State pays $600 into your account.