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USC Retirement Savings Program Resource Library

 

 

 

USC Retirement Savings Program

The USC Retirement Savings Program is designed to help the university's faculty and staff build, and maximize, their retirement income. Both the employee contributions and the university's contributions are on a sliding scale to provide more flexibility and choice for your retirement planning. Retirement income is based on the amount of funds contributed to your retirement account adjusted by any earnings, expenses, gains or losses. Vesting of both employee and university contributions is immediate. When you retire, you can choose benefit payments from a broad range of payment options.

Contributions are invested by your choice of companies selected by the university to manage the investment of the retirement plan contributions. Each company offers a wide variety of investment options:

Fidelity Investments    www.mysavingsatwork.com external link

Prudential Retirement    www.uscpru.com external link

TIAA-CREF    www.tiaa-cref.org/usc external link

Vanguard    www.vanguard.com external link

 

Who's eligible?

After completing six months of employment in which you have worked at least 500 hours, you are eligible if you are:

  • A faculty member
  • A staff member (except for Local 11 union employees)
  • At least 21 years of age

 

Cost

Under the retirement program, you can choose the percentage of your eligible earnings you want to contribute, and the university will match your contribution. Although the university encourages you to maximize your retirement savings and participate at the highest possible level, if you decide you are not able to contribute to your retirement plan, USC will still contribute 5%. You may increase or decrease your contribution level at any time. Following is the sliding scale for university and employee contributions:


USC will contribute 10%
toward an employee's 5% contribution.

USC will contribute 9%
toward an employee's 4% contribution.

USC will contribute 8%
toward an employee's 3% contribution.

USC will contribute 7%
toward an employee's 2% contribution.

USC will contribute 6%
toward an employee's 1% contribution.

 

What do I need to do?

You will need to decide the amount you will contribute, choose from among the university-selected companies to manage your retirement savings, and direct how your funds are invested. You also need to designate your beneficiaries. Your benefits office is here to help you complete the necessary forms. If you do not complete the forms before you are eligible for coverage, a retirement account will be established for you under the plan's default provisions—the 10% USC contribution/5% employee pre-tax contribution level and investment in the Vanguard Target Retirement Fund most appropriate for your estimated retirement age (assuming a retirement age of 65). However, you can change these selections at any time, effective with the next pay period.

Enroll Coverage starts Change or cancel

During your first six months of employment

Contributions begin the pay period after you complete the eligibility requirements.

You may change your contribution level at any time, as well as the investment funds and company.

 

When can I make changes?

You can change your investment allocation at any time. You also can transfer monies between companies and between investment funds at any time, subject to limitations on the frequency and amount of transfers set by the investment and insurance companies.

 

Questions?

Brochures about the retirement program and the wide range of investment options are available from your benefits office as well as on the Benefits Web site in our retirement Resource Library. Extensive information also is available online from each of the participating companies. You can make an appointment with a retirement counselor from your investment company to review your asset allocation, determine if you are saving enough to meet your retirement goals, and evaluate your distribution options at retirement. Visit the benefits Web site for information on how to make an appointment. Counselors have appointments set up at USC every month.

 

 

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Benefits programs are subject to change at anytime by the university, at its discretion, without prior notice or liability, to the extent permitted under applicable law. The benefits described in this Web site are available to staff and faculty employed by the University of Southern California subject to certain eligibility requirements. In the event of a discrepancy between the benefits and limitations described in this Web site and a plan document or a collective bargaining agreement, the terms of the plan document or collective bargaining agreement will govern. Employees of other entities that have entered into agreements with the University of Southern California to provide payrolling service are subject to the policies and procedures adopted by their employer.

 

Vesting
An employee's right to receive a present or future pension benefit is vested when it is no longer contingent upon remaining in the service of the employer.