Accelerated Retirement Option
The Accelerated Retirement Option is available to fully vested participants between the ages of 52 and 65 who are contributing at least 8% of their salary.
When an eligible participant joins the Accelerated Option, the University will increase its match contribution from 12% to 14.5%.
The University of Pittsburgh will administer the plan to the extent necessary to comply with the Uniformed Services Employment and Reemployment Rights Act of 1994. (“USERRA”) and other laws protecting veterans.
This increase is effective for up to 120 months (10 years) or age 65, whichever comes first.
When the Accelerated Option ends, the participant may continue to make contributions, however the University match stops completely.
Participants must actively elect to join the Accelerated Option.
After making the election, participants may lower their election to less than 8% and do not fall out of the Accelerated Option. They will receive their normal 150% match to their lower election, and they may again receive a 14.5% match by increasing their election to 8% at a later date.
If participants lower their election, their “ten year clock” keeps running, and their ability to receive a University match contribution expires on the same date as if they had kept their 8% election in place.
Also after making the election, a participant may revoke an election to participate in the Accelerated Option by submitting a revocation in writing to the Human Resources Benefits Department by the last day of the twenty-third (23rd) month following the month during which the election became effective. If a Participant revokes an election to participate in the Accelerated Option, he or she may not elect to participate in the Accelerated Option again.
If a Participant revokes his or her participation in the Accelerated Option, then, beginning on the effective date of the revocation, no Matching Contribution will be allocated to his or her account until the amount of Matching Contributions (in dollars) that would have been allocated to his or her account equals 105% of the amount of Matching Contributions (in dollars) attributable to the Accelerated Option (the extra 2.5% match) actually allocated to his or her account from the date that his or her election to participate in the Accelerated Option became effective until the date that the revocation became effective.
Please contact a Benefits Representative or call (412) 624-8160.