This benefit notice applies to faculty members with 8-month, 9-month, or 10-month appointments during the 2020 summer term and/or who teach during any of the summer sessions.

Retirement Savings Plan Election

Your Retirement Savings Plan contribution will automatically be taken from your third term pay if you are a full-time less than annual faculty member who is currently participating in the 403(b) and/or 457(b) retirement plan. A form is NOT required in order to continue your contributions and the University's matching contributions to the 401(a) plan during the summer term.

You may change your retirement contributions at any time if you do not wish to have this contribution taken out of your third term pay.

Please note: for a change to be effective at the start of your third term appointment, you must make the change the month prior to the effective date. For example, if you are receiving a payment in May, you must make the change on or before April 30 in order to be reflected in your May paycheck.

To make a change to your retirement contributions:

1. Log in my.pitt.edu using your University username and password
2. Search for "Retirement Savings Plan Access"
3. If you wish to reduce your contribution, click on the "Manage Elections" button (if you wish to stop your contributions, click "Stop Voluntary Contributions")
4. You must enter a percentage election (whole number) that matches your desired contribution rate. The University matches contributions from 3-8%.
5. Click the "Continue" button, review your selections, and then click "Confirm Elections"

Important: Please remember that if you elected to stop or lower your retirement contributions for the summer term, but would like to reinstate your contributions for the new academic year, you must follow the steps listed above in August to make the change effective for September 1. You can log in at any time to my.pitt.edu to make these, and other, changes. To have the change come out of your September pay, please ensure that the effective date is listed as August 31 or an earlier date.

Optional Life Insurance

If you are participating in the Optional Group Life Insurance Program, the total value of your benefit will be based on your contract salary plus all third term earnings for May-August. The total amount of your third term earnings will be added to the contract salary effective September 1, and the total will be in effect for life insurance purposes through next August 31.

For example, a member has a contract salary of $60,000 for an eight-month period. During the summer, the third term pay equals an additional $5,000. The total salary of $65,000 is used to calculate your life insurance as of September 1  through the next August 31, unless there is another change to base pay (such as a promotion).

Applicable deductions will be withheld from your paycheck starting September 1.

Please note: Changes in optional life insurance coverage can only be made during open enrollment or if the employee has a qualified life event. The multiplier you choose will be applied to your most current salary (which includes third term pay).

Long Term Disability

Third term pay will automatically be included in the event of a Long Term Disability (LTD) claim. No action is necessary on the part of the faculty member. The LTD payment is based on the contract salary effective September 1, plus earnings from any University appointment in the immediately preceding summer term.

For example, a member has a contract salary of $60,000 for an eight-month period. During the summer, the third term pay equals an additional $5,000. The total salary of $65,000 is used to determine your LTD payment.

Questions?

Please contact the Benefits Department by submitting an online inquiry if you have any questions about your benefit elections.