Whether you are planning to retire in five, 10 or 25 years, it is important to plan early.  The University of Miami offers three retirement programs depending on your date of hire.

Retirement Savings Plan (RSP)

The Retirement Savings Plan is a defined contribution plan in which the University makes an automatic core contribution of 5% of pay with a dollar-for-dollar match on voluntary contributions up to an additional 5% of pay.   You may choose to direct these contributions to one of five University approved investment companies.     Participation is limited to faculty and staff hired on or after June 1, 2007   or who elected to transfer to this plan from the Employees’ Retirement Plan   or from the Faculty Retirement Plan.    

Employees’ Retirement Plan (ERP)

The Employees' Retirement Plan is a defined benefit plan which calculates your retirement benefit using two different formulas known as the cash balance formula and the standard formula.  At retirement, you will receive the larger of the benefit calculated under the cash balance or standard formula. Participation is limited to employees hired prior to June 1, 2007 who did not transfer to the Retirement Savings Plan.

Faculty Retirement Plan (FRP)

The Faculty Retirement Plan is a defined contribution plan wherein monthly contributions of 7% of pay will be made to the company of your choice from a list of University approved companies.  Upon attaining tenure or completion of seven years of service (whichever is earlier), the University will contribute 11% of pay.   Participation is limited to faculty hired prior to June 1, 2007 who did not transfer to the Retirement Savings Plan.