Alternative Retirement Plan (ARP)
Highlights
- The Alternative Retirement Plan (ARP) is a defined contribution plan.
- The benefit received upon retirement is based on the amount you have contributed during your career.
- Eligible employees of the University, as first time hires on or after July 1, 1991, may elect to participate in an alternative retirement plan in lieu of the Educational Retirement Act.
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Contributions
Employees over $20,000:
- Employee Contribution is 9.4%
- Employer contribution is 10.9%. (Three percent of the employer match goes to the Educational Retirement Board to help pay for the unfunded liability incurred by the plan.)
Employees $20,000 or less:
- Employee Contribution is 7.9%
- Employer contribution is 12.4%. (Three percent of the employer match goes to the Educational Retirement Board to help pay for the unfunded liability incurred by the plan.)
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Eligibility:
Faculty – all instructional or research personnel who are classified as:
- Professors (including Visiting Professors)
- Assistant Professors
- Associate Professors
- Instructors
- Research Professors (including both Assistant and Associate Professors)
- Lecturers I, II, III
Professionals -
- President
- Vice President
- Provost
- Dean
- Assistant or Associate President, Vice President, or Provost
- Academic Department Chair President or Provost
- Medical Doctors
- Intercollegiate Athletic Coaches
- Senior Research Engineer I, II, III
- Senior Research Scientist I, II, III
- Senior Institutional Developers and Fund Raisers
- Any UNM employee working out-of-state under a federal research contract
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