Teacher's Insurance & Annuity Association and College Retirement Equities Fund (TIAA-CREF)

New IRS rules issued in 1991 require the district to implement a program for retirement plan participation by all employees not participating in TRS or ORP. The district selected TIAA-CREF as its retirement plan sponsor. Each eligible employee will be required to enroll in the district's part-time pension plan. A pre-tax deduction of 6.3% (in addition to 1.45% Medicare) and a 1.3% district match will be deposited into the tax deferred annuity (TDA) program. The TDA has no vesting requirements and the funds are available to the employee when employment terminates.