Faculty Retirement Plan (RPA)
Under the RPA, once you retire, you determine when your retirement payments begin. Within the parameters of the Plan, when you retire or terminate your employment with the NSHE, you may maintain your accounts and/or elect with the fund sponsor to begin receipt of benefits based on the terms of the RPA plan. You are immediately 100% vested in your retirement accounts.
Although income usually begins at retirement, you may elect to begin to receive your retirement income at any time after termination of employment. You may also elect to receive income while you are actively employed if you have reached the age of 62.
Retirement benefits must normally begin no later than April 1 of the calendar year following the year in which you attain age 70 1/2.
The following income options are available under this Plan (some subject to Plan limitations): single life annuities, joint and survivor annuities, cash withdrawals, fixed period annuities, systematic withdrawals, interest-only distributions, and minimum distributions.
You should contact your fund sponsor several months prior to your retirement date regarding income options and review with that fund sponsor all forms of income available to you in retirement. Income decisions should be made only after fully understanding all options and determining which options best suit your lifestyle.
You may receive a cash withdrawal from the plan after termination depending on your years of service.
Fewer than five years of experience
If you leave the NSHE with less than 5 years of service, you are eligible to withdraw both the employer and the employee contributions in any form of withdrawal available from your RPA fund sponsor; this includes 100% cash withdrawals.
Five or more years of service
Employee contributions may be withdrawn as a cash withdrawal at any age if you leave the NSHE with 5 or more years of service.
Employer contributions may be withdrawn as a cash withdrawal only upon reaching the age of 55 or older if you leave the NSHE with 5 or more years of service. The employer contributions may be withdrawn as a lifetime annuity only if you leave employment with 5 or more years of service and wish to begin receipt of your employer RPA funds before the age of 55. For more information, contact a representative from your NSHE Fund Sponsor.