Faculty Retirement Plan Alternative (RPA)
The Βι¶ΉΣ³» System of Higher Education (NSHE) Board of Regents established the NSHE Defined Contribution Plan in 1970 as an alternative to PERS of Βι¶ΉΣ³», and restated the plan on January 1, 1999. The plan document sets forth the provisions of the IRS Code Section 401(a) defined contribution plan. Plan contributions are invested, at the direction of each participant, in one or more of the funding vehicles available to participants by the fund sponsors.
The participant contributes 17.5% of his/her gross salary, and the institution contributes an additional 17.5%. The plan provides for immediate vesting. The account to which the institution contributes does allow for cash distribution upon termination and reaching age 55, while the employee account will be 100% cashable upon termination of employment (subject to IRS withdrawal limitations). If you terminate within the first five years of employment, both account balances may be withdrawn.
All permanent employees on an annual "A" or "B" contract who are employed at least 50% full-time are eligible to participate in the NSHE retirement program unless they are members of PERS of Βι¶ΉΣ³».
NSHE's RPA is administered by the Teachers Insurance and Annuity Association of America (TIAA):
