UA-R-GC-1914-01-01-1963-11-22_Page-044

~I I I -2- 1. Participation. A retirement plan is hereby established for the American University in Cairo. Classes of employees eligible for participation are as follows: All regular non­UAR full-time administrative staff and members of the Faculty. Participation of eligible individuals shall be: a) Voluntary after completion of I year of service. b} Required after completion of 3 years of service and attainment of age 30. The preliminary service period will be waived for an employee otherwise eligible who already owns a retirement annuity contract issued by Tezchers Insurance and Annuity Association. and/or an acceptable church or other pension fund. II. All participants in this retirement plan shall retire at the end of the ac~demic year in which they attain age 60. with possible extension to 65. at the option of the Uni'versity. Herein 65 is considered the normal retirement age. 111.Contributions to this retirement plan and/or church pension fund shall be made in accordance with the following schedule: Contributions as Per Cent of Salary By the By the Participant Institution Total On Amount of Salary Subject to Social Security Tax On Salary Above Amount Subject to Social Security Tax For an Individual not covered by Social Security 6% 9% 15% I~ IV. Contracts. Each TIAA retirement annuity contract and CREF certificate issued in accordance with Section IV of this plan is for the sole purpose of providing a retirement and/or death benefit and is the property of the individual participant. V. Repurchase. In the event a participant in TIAA or TIAA-CREF leaves the employof the American University in Cairo for reasons other than retirement or disability and requests repurchase of the annuity, the American University in Cairo will approve such repurcbase provided it meets the condi­tions under which TIAA-CREF will repurchase annuities auto­matically, and provided that the participant consents. VI. Prior Service Benefits. Upon retirement. as provided in Section II, of a participant who is eligible for benefit