Retirement Program – Premium Waiver

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