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Hi,
I recently got an offer from RU for a position in Information Technolgoy. I see they have an ABP plan for employees, but someone working there told me that they do not offer pension, currently at my job i get some % of my salary when i retire for every year i work here. But someone else at RU, the hiring manager told me they do have a pension plan.
Does anyone know? I saw ABP but not sure if that's it, as if it's something else, like a 401k or 403B?
Hi,
I recently got an offer from RU for a position in Information Technolgoy. I see they have an ABP plan for employees, but someone working there told me that they do not offer pension, currently at my job i get some % of my salary when i retire for every year i work here. But someone else at RU, the hiring manager told me they do have a pension plan.
Does anyone know? I saw ABP but not sure if that's it, as if it's something else, like a 401k or 403B?
Thanks.
Ask them if you have a defined benefit plan (that's a pension) or a defined contribution plan (that would be like a 401k). When I worked at Rutgers, I had a plan that was called a 401a (basically the same deal as a 401k).
Don't give up a defined benefit plan (what you have now) lightly.
yeah i don't want to give up my current plan unless theirs is better, or atleast the same. but i'm not sure, i asked the hiring manager and she said it's a pension plan, but someone else said no it's not technically as it's 5% you contribute and 8% they match, which sounds like the 401a you mentioned. will try to find out more.
thanks!
Location: Splitting time between Dayton, NJ and Needmore, PA
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It depends what "Retirement Plan" is available for your position. PERS is the Public Employment Retirement System administered by the State of New Jersey. Details on it can be found at the PERS Retirement Plan page on the UHR website.
ABP is the Alternate Benefits Plan. This is more of a 401(k) format in that you are choosing an investment carrier to administer what is basically a mutual fund. Depending on how much you want to put away for retirement, the base employee contribution is 5%, but you can contribute more if you want. The maximum the University will put in is 8% of your base salary. For more information, look at this web page.
Having worked there for a number of years, I can tell you ABP is much more flexible than PERS.
I also worked at Rutgers and participated in the ABP plan. Essentially, it's their version of a 401(k) plan. You contribute 5% and they give you 8%, but their match doesn't start until the beginning of your second year of employment. The accounts are housed with TIAA-CREF.
Hi, if you voluntarily contribute more than 5% for ABP tax sheltered pension, does Rutgers match the increased contribution?
I thought that's what happened when I previously worked at a corporation (i.e., the more I contributed, the more they contributed). At the corporation I had a 401K. I think at Rutgers my husband (who is the employee) has a 403B (maybe?).
Does that increased matching contribution NOT happen at Rutgers (but would potentially happen somewhere else)?
Thanks
pk (spouse of rutgers professor)
Location: Splitting time between Dayton, NJ and Needmore, PA
1,184 posts, read 4,029,592 times
Reputation: 766
Quote:
Originally Posted by pollykat
Hi, if you voluntarily contribute more than 5% for ABP tax sheltered pension, does Rutgers match the increased contribution?
I thought that's what happened when I previously worked at a corporation (i.e., the more I contributed, the more they contributed). At the corporation I had a 401K. I think at Rutgers my husband (who is the employee) has a 403B (maybe?).
Does that increased matching contribution NOT happen at Rutgers (but would potentially happen somewhere else)?
Thanks
pk (spouse of rutgers professor)
No. The max contributed by RU to an ABP is 5%. Anything your husband contributes beyond 5% is just contributed by him. There would be no matching above the 5%.
Hi,
I recently got an offer from RU for a position in Information Technolgoy. I see they have an ABP plan for employees, but someone working there told me that they do not offer pension, currently at my job i get some % of my salary when i retire for every year i work here. But someone else at RU, the hiring manager told me they do have a pension plan.
Does anyone know? I saw ABP but not sure if that's it, as if it's something else, like a 401k or 403B?
Thanks.
Yes, RU has pension plans. Depending on your position at the university determines what pension you have. As long as you are a full-time employee you get there complete benefit package which includes medical, dental, prescription, pension, tuition remission, and a secondary pension if you choose.
You should have been given an HR contact at Rutgers whom you can direct these questions to for definite answers.
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