Contributions at a 10% rate will earn Tier 1 service credits.
Contributions at a 7% rate will earn Tier 2 service credits. Beginning on December 17, 2020, your contribution rate is 10% of your covered salary. If you were hired between Jand December 17, 2020, your contribution rate was 7% of your covered salary for the period from your hire date until December 17, 2020. The adjusted pay limit for 2022 is $305,000. Covered Salary will be subject to the limitations set forth in Section 401(a)(17) of the Internal Revenue Code (as adjusted periodically for cost-of-living) in any one year. Your Covered Salary is the amount of your compensation including base pay and regular longevity wages, but excluding overtime, bonuses and any other non-regular payments. (see heading entitled Retirement Benefits for discussion of Tiered Benefit Levels). If you were hired prior to Jor after December 17, 2020, your contribution rate is 10% of your covered salary.
The Plan does not permit additional, voluntary employee contributions (other than the limited elections discussed in the preceding sections and sections below). Beginning January 1, 1991, your contributions to the Plan are made on a "before tax" basis. The Employer "picks up" this contribution through a salary reduction of your base pay. The amount you contribute to the Plan depends on when you were hired.
All eligible active employees and the City will make periodic contributions to the Plan. Soon after arriving in the fall of 2017, President Taylor Eighmy launched a strategic planning effort to chart a course for the university to reach new levels of excellence over the next decade.Plan Provisions - Contributions to the Planīenefits of the Plan are financed by contributions that are paid into the Plan and by investment earnings generated by investment of the Plan. Situated in our nation’s seventh largest city-which is growing faster than any other in the country-UTSA is uniquely positioned to serve society due to its deep integration in a region that reflects the demographic future of the United States. Through the transformational learning experiences we provide, UTSA is creating bold futures for our students, the citizens of San Antonio and beyond. With a focus on student success and research excellence, UTSA is a model urban-serving public research university for the future. The University of Texas at San Antonio (UTSA) is redefining higher education as a next-generation Hispanic-thriving R1 university where students from all backgrounds can excel. UTSA: San Antonio’s University of the Future
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