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Vesting and Retiring

Vesting

When you complete three years of service in which you qualified for university retirement contributions, you become vested. That is you "own" the funds that Carnegie Mellon has contributed on your behalf, as well as any earnings from investing those funds. If you separate from the university after becoming vested, the money that the university contributed on your behalf will remain in your investment accounts and continue to grow.

• If you separate from the university before you are vested, you will lose all the funds Carnegie Mellon had contributed on your behalf, plus any earnings on those funds.
• You immediately own the funds in your Supplemental Retirement Account and any earnings on them.
• You may not withdraw the funds from your account without penalty until you reach retirement age or separate from the university (whichever is later), regardless of vesting status. Consult your investment carrier materials to see what penalties may be assessed if you withdraw funds early.
• Once you are vested with the university, you are vested for life. If you are vested in your retirement account, separate from the university and then return to Carnegie Mellon, you will still be vested, regardless of the amount of time between your separation and your rehire.

The waiting period for becoming vested may be waived or reduced if you have:

• worked at another college or university within the past five years. Your years of service with that institution within the past five years will count toward the vesting waiting period.
• contributed to a 403(b) retirement account within the past five years. Your years of participation in that 403(b) plan within the past five years will count toward the vesting waiting period.

Thinking About Retirement?

In a few years. . .

It's never too early to begin planning when and how you'll retire. If you're a few years away but have questions about your retirement options and the benefits Carnegie Mellon provides retirees, schedule an appointment with Carnegie Mellon's retirement specialist, Bea Mitchell. You may also want to schedule a one-on-one appointment with a representative of TIAA-CREF or Vanguard.

In a few months. . .

If your big day is right around the corner, schedule an appointment with Carnegie Mellon's retirement specialist Bea Mitchell. You'll discuss health and life insurance, retirement fund payment options, and other benefits. If you like, you can also receive assistance completing the forms required by TIAA/CREF and/or Vanguard and Medicare.

© Carnegie Mellon Human Resources 2004