In accordance with Federal Government regulations, employees usually contribute to Social Security or, in the case of Mines, faculty and staff contribute to the Public Employees Retirement Association (PERA) plan for future retirement. However, as a Student Employee at a Colorado Institution of Higher Education, you have the privilege of participating in the Department of Higher Education Student Employee Retirement Plan (SERP). TIAA has been chosen as the provider for SERP retirement contributions.
Under this plan, 7.5% of your Gross pay will be withheld and deposited into a TIAA Money Market account on your behalf. At the end of the contract period, you have the option to request a withdrawal of your fund balance from TIAA. Please note that such withdrawals are subject to taxes and withdrawal penalties. Alternatively, you may choose to leave your contributions with TIAA and continue contributing to the plan during future contract periods. If you have any questions regarding TIAA, you can visit their website or call 1-800-842-2252.
In addition to SERP, student employees are required to participate in Medicare. A Medicare deduction of 1.45% will be withheld from your Gross pay, and Mines will match this amount. These funds will then be submitted to the Internal Revenue Service after each payroll.
According to IRS regulations, student employees can be exempted from payroll deductions for future retirement if they maintain a “half-time” student status for the semester. To understand the student status definitions for Mines, please refer to the Undergraduate Bulletin, the Graduate Bulletin, and the Assistantship Policies. The guidelines for exceptions to future retirement deductions during the Summer Semester are outlined below:
For Undergraduate Students: TIAA and Medicare deductions will be withheld from your paycheck if you are registered for less than a total of 3.0 credit hours for the Summer semester. To avoid these deductions from your early summer paychecks, you must be registered for Summer courses and reach the minimum requirement of 3.0 credit hours by the last date to register.
For Graduate Students: TIAA and Medicare deductions will be withheld from your paycheck if you are registered for less than a total of 1.5 credit hours for the Summer semester. To avoid these deductions from your early summer paychecks, you must be registered for Summer courses and reach the minimum requirement of 1.5 credit hours by the last date to register.
Beginning with the June 15, 2023 paycheck, you will notice deductions for TIAA and Medicare. This is because you have not registered for the minimum summer session credit hours required to meet the criteria for the half-time student status exception, which is mandated by the Federal government for future retirement withholding. It is important to be aware that these two extra deductions will continue until the end of your summer employment contract or until the August 31, 2023 paycheck, whichever comes first.
If you have any further inquiries, please feel free to reach out.