tailieunhanh - Legislative Audit Division State of Montana Report to the Legislature December 2004 Financial_part5

Thuyết minh 15 - nghỉ hưu KẾ HOẠCH Đại học nhân viên đủ điều kiện tham gia chương trình hưu trí là thành viên hoặc hệ thống hưu trí các nhân viên công cộng "(PERS), Bảo Vệ game các và hệ thống hòa bình cán bộ hưu trí (GWPORS), hệ thống hưu trí các chương trình hưu trí tùy chọn (TRS) của Sư phụ (ORP), hệ thống hưu trí nhân viên liên bang (FERS) hoặc hưu trí Mỹ hệ thống dịch vụ dân dụng (tiêu dùng). . | Montana State University a component unit of the State of Montana Notes to Consolidated Financial Statements As of and for Each of the Two Years Ended June 30 2004 continued NOTE 15 - RETIREMENT PLANS University employees eligible to participate in retirement programs are members of either the Public Employees Retirement System PERS the Game Wardens and Peace Officers Retirement System GWPORS Teacher s Retirement System TRS the Optional Retirement Program ORP Federal Employees Retirement System FERS or the . Civil Service Retirement System CSRS . ORP commenced in January 1988 and is underwritten by the Teachers Insurance and Annuity AssociationCollege Retirement Equities Fund TIAA-CREF . Effective July 1 1993 ORP was made the mandatory retirement plan for new faculty and administrative staff. The Pension Benefit Obligation is not available on an individual agency basis but is available on a statewide basis from the Montana Retirement systems or TIAA-CreF. ORP - The ORP is a defined contribution plan established under authority of Title 19 Chapter 21 MCA. Benefits at retirement depend upon the amount of investment gains and losses and the employee s life expectancy at retirement. Under the ORP each employee enters into an individual contract with TIAA-CREF. The University records employee employer contributions and remits monies to TIAA-CREF. Individuals are immediately vested with contributions. Annual reports that include financial statements and required supplemental information on the plan are available from TIAA-CREF 730 Third Avenue New York New York 10017-3206 Phone 1-800-842-2733. TRS - This system was established in 1937 and is governed by Title 19 Chapter 4 MCA as a costsharing multi-employer defined benefit pension plan providing retirement services to all persons employed as teachers or professional staff of any public elementary or secondary school vocational-technical center or unit of the University System. Eligibility is met with a minimum of 25 .