CASE WESTERN RESERVE UNIVERSITY

Case Western Reserve University Employees' Retirement Plan B

There are many things you need to know about the Case Western Reserve University Employees' Retirement Plan B, including eligibility requirements and vesting schedules.

Now you can get real-time calculations of your Plan B account benefits. Learn more at Milliman Online *.

* You’ll need your Social Security number and Password to login and access your Plan B information.

First time users: Your password will be the same as the PIN you use to access the Benefits Service Center (your birth month and year — MMYY). You'll be prompted to change your password to a combination of letters and numbers with a minimum of six and a maximum of 10 characters.

ELIGIBILITY

You may participate in this plan on the January 1 or July 1 that occurs after you have completed 1 year of service. Previous employment with other accredited colleges or universities or related research experience at other educational institutions will count toward the 1 year service requirement.

Note: The plan covers regular (half-time or greater), benefits-eligible employees who are not eligible to participate in Retirement Plan A.

For details and definitions contact benefits administration.

CONTRIBUTIONS

Retirement Plan B is a defined benefit plan funded by Case Western Reserve. On June 30, the final day of the plan year, the University will add a credit to your benefit account that equals 7% of your base pay earned during that plan year. The salary credits grow with interest at a minimum rate of 6% per year.

Note: After-tax employee contributions were no longer permitted as of July 1, 1992.

For details and definitions contact benefits administration.

EMPLOYER MATCHING

Because Plan B is a defined benefit plan funded solely by Case Western Reserve, matching contributions do not apply.

VESTING

"Vesting" refers to employees' right, earned over time, to receive retirement benefits regardless of whether or not they remain with the employer. Beginning on July 1, 2008 you will become fully vested in your plan benefit after 3 years of service. Prior to July 1, 2008 full vesting occurred after 5 years of service.

Generally, vesting service is earned for each month of employment with Case Western Reserve.

INVESTMENTS

The investment choices on this website do not apply to Plan B. As a defined-benefit plan, Plan B is funded by credits from the university, based on your salary, and its investments are managed separately from those in the other, defined-contribution plans available to you. See the Retirement Plans section of the Case Western Reserve website or contact Benefits Administration for more information.

EXPENSES

The investment expenses on this website do not apply to Plan B. As a defined-benefit plan, Plan B is funded by credits from the university, based on your salary, and its investments are managed separately from those in the other, defined-contribution plans available to you. See the Retirement Plans section of the Case Western Reserve website or contact benefits administration for more information.

DISTRIBUTIONS

When it's time to decide how to take income from your Case Western Reserve University Employees' Retirement Plan B, you have a variety of options1:

Lifetime Retirement Income

One-life annuity — Provides income for as long as you live. • One-life annuity with guaranteed period — Guarantees income for five or 10 years. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you die before the end of that period.

Two-life annuity — Provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.

Lump Sum — Only available for benefits accrued after June 30, 1992 and/or for refunds of employee contributions.

* Retirement Plan B allows you to receive a cash withdrawal of benefits accrued after June 30, 1992 and/or accumulated employee contributions. Withdrawals of earnings are subject to ordinary income tax, and a federal 10% penalty may apply prior to age 59½.

TAXATION

In general, distributions from this plan are fully taxable as regular income when paid; you may face an IRS penalty if you withdraw the funds before age 59½. However, if you were in this plan before July 1, 1992 and made after-tax employee contributions, a portion of your distributions will be tax free.

Contact Benefits Administration for details. TIAA-CREF or its affiliates do not provide tax advice. Please consult your tax advisor for guidance.

LOANS

Loans are not available from this plan.


1 The availability of certain distributions may depend on the type of contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. Talk to your benefits office for details.

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