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Student Employment Services. SERP & Medicare. SERP & Medicare. CSU is NOT a Social Security Employer Employees of CSU do not participate in the Social Security program and a pension from this job could affect future Social Security benefits to which you may become entitled. SERP & Medicare.

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serp medicare
SERP & Medicare
  • CSU is NOT a Social Security Employer
    • Employees of CSU do not participate in the Social Security program and a pension from this job could affect future Social Security benefits to which you may become entitled
serp medicare1
SERP & Medicare
  • What is SERP?
    • The Student Employee Retirement Plan is a state-mandated retirement plan requiring contributions from gross pay by all “eligible” student employees in lieu of traditional Social Security contributions
  • What is Medicare?
    • Medicare is a health insurance program that also requires contributions from gross pay and provides health insurance for people:
      • age 65 or older
      • Under age 65 with certain disabilities
serp medicare2
SERP & Medicare
  • What is Social Security?
    • Social Security is a federally mandated supplemental retirement system in the US
      • Established in 1935 as part of Roosevelt's New Deal
      • To counter conditions witnessed during the Great Depression
      • Ensures that retired/disabled citizens are not left in dire poverty by providing monthly subsistence
      • Important: If we didn’t have SERP, you would have to pay into Social Security
serp medicare3
SERP & Medicare
  • How much is deducted from my pay?
    • Total of 8.95% from your gross pay
      • SERP – 7.5%
      • Medicare – 1.45%
    • A retirement savings account will be established in the student’s name at TIAA/CREF for all SERP contributions
    • Contributions made to Medicare go to support that fund for current recipients of Medicare –
      • Theoretically, your grandchildren will pay for your Medicare coverage
  • Is participation mandatory?
    • Yes, unless certain conditions are met (Students)
serp medicare4
SERP & Medicare
  • What conditions must I meet to be exempt?
    • Summer
      • Undergraduate & Graduate Students – must be officially admitted as a degree-seeking student at CSU (Fort Collins) and enrolled at least half-time (defined as 3 credits) for a summer term running concurrently with your work schedule.
    • Fall & Spring
      • Undergraduate Students – officially admitted as a degree-seeking student and enrolled at least half-time (6 credits)
      • Graduate Students – officially admitted as a degree-seeking student and enrolled at least half-time (5 credits)
serp medicare5
SERP & Medicare
  • How or when is my SERP/Medicare contribution eligibility determined?
    • Enrollment checked every pay period end date for biweekly pay periods
    • Enrollment checked the 15th of every month for monthly pay periods
      • If not enrolled at least half-time at the time of the SERP enrollment check, assessed SERP/Medicare
      • No exceptions
serp medicare6
SERP & Medicare
  • Do I have access to the money contributed to SERP or Medicare?
    • SERP -
      • Allows for a refund of your contributions and any interest upon termination of employment AND departure from the University as a student.
        • Warning: If you withdraw your funds, those funds will likely be taxed as ordinary income in the year it is withdrawn and may also be subject to an additional 10% early withdrawal penalty.
          • Note: you cannot withdraw any Social Security contributions
    • Medicare –
      • Not allowed to withdraw the contributions made to Medicare
serp medicare7
SERP & Medicare
  • Other options available when managing my SERP contributions after graduation or leaving the University
    • Maintain the retirement account with TIAA-CREF
    • Roll over the account to an IRA with TIAA-CREF or another firm, or another employer sponsored retirement plan
serp medicare8
SERP & Medicare
  • SSA-1945 Disclosure Form
    • Since you will not be paying into the traditional Social Security retirement fund, your future Social Security benefits will be modified
      • Windfall Elimination Provision
        • The Windfall Elimination Provision affects how the amount of your retirement or disability benefit is calculated if you receive a pension from work where Social Security taxes were not taken out of your pay. A modified formula is used to calculate your benefit amount, resulting in a lower Social Security benefit than you otherwise would receive.
serp medicare9
SERP & Medicare
  • SSA-1945 Disclosure Form (cont’d)
      • Government Pension Offset
        • If you receive a pension from a federal, state or local government based on work where you did not pay Social Security taxes, your Social Security spouse’s or widow’s or widower’s benefits may be reduced.
serp medicare10
SERP & Medicare
  • Review

Traditional employment, non-university employee

serp medicare11
SERP & Medicare
  • Review

University Employee

questions
Questions?

Student Employment Services

  • SES.COLOSTATE.EDU

Phone: 491-5714

Fax: 491-1975

Email: seserv@colostate.edu

Frank H. Martinez

Karri White

Jillian Zucosky