TIAA - CREF
Permanent exempt and non-exempt employees may
begin participation in Berry’s retirement plan through the companion
companies, Teachers Insurance and Annuity Association (TIAA) and the
College Retirement Equities Fund (CREF) on a voluntary basis after
completing one year of service.
All exempt employees are required to begin
participation in the plan no later than completion of three years’
service at Berry and attainment of age 30. Eligible non-exempt
employees, though not required to participate, are strongly urged to
take advantage of the opportunity to receive assistance from Berry in
providing for their retirement years. Part-time and temporary employees
normally scheduled to work fewer than 1,000 hours per fiscal year are
not eligible to participate in the retirement plan.
All participating employees must contribute
five percent of their regular earnings to the plan and the institution
contributes ten percent of each participant’s regular earnings.
Employees may elect to contribute extra amounts (beyond five percent of
their earnings) toward the purchase of larger TIAA/ CREF annuities,
but Berry does not match extra payments.