Endowed Retirement Plan Information: NonExempt Retirement Plan (NERP)
The NERP Plan was designed to provide retirement income to non-exempt endowed employees during their retirement. This Plan was generally closed to new participants and benefit accruals on December 31, 1982.
Changes made to the NERP Plan include:
Benefit Improvement. The University increased the benefits payable to all current NERP Plan participants (retirees, vested participants and active employees by 20% in 2007).
Lump Sum Payment Option. Participants were given an opportunity to elect to receive the NERP Plan benefit as a one-time lump-sum payment in place of future payments.
Administration transfer to an Insurance Company. As part of the changes
to the NERP Plan, the plan was formally terminated as of December 31,
2006. The transfer of plan administration, including the payment of future
plan benefits as elected, to an insurance company occurred in 2007.