RETIREMENT PROGRAM-PREMIUM WAIVER
(ANNUITY PREMIUM BENEFIT)
SCOPE
Full-time faculty and
administrative employees.
POLICY
Albion College provides for a
"Waiver of Premium" insurance
through TIAA (Teachers Insurance and
Annuity Association) for all full-time
faculty and administrative employees who
are participating in the TIAA/CREF
retirement plan.
Upon total disability, the
"Annuity Premium Benefit" is
credited as monthly premiums on the
employee's annuity. (This does not apply
to TIAA/CREF Supplemental Retirement
Annuities.)
Employees must be in the TIAA
disability and retirement programs to
receive this benefit.
PROCEDURE
If totally disabled as defined under
the plan for more than six (6) months, an
employee is eligible to receive this
benefit upon notifying the Human Resources
office and completing the necessary forms
to be submitted to TIAA.
Cabinet reviewed 7/97
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