Human Resources | Retirement | Alternative Retirement Plan (ARP) - Defined Contribution Plan
Alternative Retirement Plan (ARP) - Defined Contribution Plan
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, subject to any investment gains or
losses.
- 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 within their
first 90 days of employment at UNM.
- Employees are 100% vested in both the employee and employer
contributions upon enrollment in the ARP program.
- To participate in the ARP plan, complete the Alternative
Retirement Plan (ARP) Election Formand submit it to the Human
Resources division prior to the end of the first 90 days of employment.
Contact the ARP provider selected and set up an ARP account.
- TIAA-CREF can be reached by contacting Jake Litzau at (972) 745-9671 or via https://www.tiaa-cref.org/
- Fidelity can be reached by contacting:
- Employees can make an annual election to switch ARP providers.
- After seven years of participation in the ARP plan, employees can
make a one-time switch to the ERA defined benefit plan.
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.)
Frequently Asked Questions
