Eligibility and Vesting
Eligibility for Retirement PlansThe eligibility tables below indicate which retirement plans Penn faculty and staff may participate in.
M/B = Matching Plan and Basic Plan (1-year wait before Penn contributes, unless you are eligible for Prior Service Credit)
SRA = Supplemental Retirement Annuity Plan
Retirement Plan Academic Eligibility
Vesting refers to your ownership of Penn’s contributions to your retirement plan account, which is determined by the length of time you have worked at Penn.
|Original Hire Date||Vesting Schedule|
|Before January 1, 2010||Immediately 100% vested|
|On or after January 1, 2010||
100% vested after three years, which is defined as:
Vesting is not prorated. You are 0% vested until you reach the thresholds above, after which you are 100% vested.
Note that vesting applies to Penn’s contributions only. It does not apply to contributions that you make from your pay.
Penn’s contributions start when you complete the one-year waiting period – or immediately if you receive Prior Service Credit; you just won’t be vested in those contributions for three years.
Former UPHS Employees
If you were an employee of the University of Pennsylvania Health System (UPHS), that time counts toward your vesting. To report any UPHS time to the Benefits Office, please submit an Employment History Verification Form.