Benefits: Retirement Plan

Retirement Plan

Embry-Riddle provides a tax-deferred 403(b) retirement program to allow employees to plan for their postemployment years and to structure their financial security upon retirement.

Plan A

This retirement plan is provided to full-time Faculty and to Staff who work 20 hours or more.

Establishing an Account and Becoming Vested

• Eligible employees may establish a university retirement account upon date of hire. The university will begin to make contributions to the employee's account on the first pay period following the completion of the appropriate paperwork to establish the account.

• The employee is on a delayed vesting plan upon establishing the retirement account and shall only own all University retirement fund contributions after one year of service. Employee contributions are immediately vested.

University Contributions and Matching

• The university will contribute an amount equal to 5% of the employee's regular base pay into the employee's retirement fund.

• The employee may voluntarily contribute a portion of his/her earnings into the retirement fund. The university will match employee contributions of 1%, 2%, or 3% equally of eligible pay. Employees may contribute an amount above the 3% match into their retirement funds.

University-Approved Investment Companies

• TIAA-CREF - choices include the TIAA Traditional Annuity, TIAA Real Estate Account, or College Retirement Equities Fund.

• Vanguard - offers a portfolio of 50 mutual funds to meet a wide variety of investment objectives

Plan B

This plan is provided to Adjuncts, Lecturers, part-time Faculty, and part-time 10- and 15-hour Staff.

Establishing an Account and Making Contributions 

• Eligible employees may establish a TIAA-CREF Group Supplemental Retirement Annuity account upon their date of hire.

• Employee contributions are made via automatic payroll deduction each pay period.

• All contributions the employee makes are voluntary. ERAU does not match or contribute to this annuity.