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Alternate Benefit Program (ABP) Retirement Plan
Type of Plan
The Alternate Benefit Program is a defined contribution plan where retirement benefit based on investment earnings
Eligibility
- Regularly appointed faculty
- Visiting professors
- Certain professional/administrative staff required to possess a college degree or equivalent
- Employees holding "F" or "J" visas are not eligible to enroll.
Employee Contribution
5% of base salary made on a pretax basis
Employer Contribution
8% of base salary
How to Enroll
Complete the following forms:
- Division of Pensions and Benefits ABP Enrollment Application
- ABP Investment Carrier Allocation
- ABP Investment Carrier(s) Enrollment Application(s)
Forward forms to the person in your office who processes payroll. Newark and Camden employees can consider attending a retirement seminar.
Vesting
Immediate or one-year delayed vesting
Criteria for Immediate Vesting
A new employee who already owns a retirement contract containing employer and employee contributions due to higher education employment or a new employee who is an active or vested member of another state-administered retirement system in the U.S. is considered vested
Investment Carriers
- AIG-VALIC 800-448-2542
- Equitable 866-786-0856
- The Hartford 800-243-7782, ext. 54400
- ING Financial Services 877-873-0321
- Met Life 800-545-0108
- TIAA-CREF 800-842-8412
How to Retire
- Complete an ABP Application for Retirement Allowance form
- Return application to University Human Resources
- Make arrangements with your investment carrier to withdraw retirement funds
- You will also receive a benefits offering packet from the state to enroll in retiree benefits
Retirement Seminar
If you are contemplating retirement within the next 6 months, consider attending a retirement seminar. You can enroll online (select the "Benefits Seminars" option).
Retirement Checklist
Review the ABP Retirement Checklist
| Resources To Help You | |
| Benefits Specialist | 732-932-3020, ext. 4077 |
| Division of Pensions and Benefits | |
| Retirement FAQs | |
