CURP is a 401(a) defined contribution plan, with immediate vesting, self-directed investments, and a future benefit based on the amount accumulated in the participant's account. CURP participation is mandatory for all new faculty hired on or after July 1, 2002. A CURP participant can elect to opt out after six years of credible service. If opting out of CURP, the participant will become a member of MOSERS, immediately vested in the MSEP 2000 plan, and will not receive credit for service rendered in CURP. Additionally, opting out forfeits the right to participate in CURP at a future time.
The purpose of CURP is to offer a retirement benefit that provides the interstate portability needed to facilitate the recruitment of teaching personnel at the regional colleges and universities. The statutory provisions of the plan are designed to provide the faculty recruitment flexibility desired by the institutions in a cost neutral manner and without adversely affecting members of the defined benefit plan (MOSERS).
Based on the law and MOSERS’ board rules, the participant must meet the statutory definition of "Education Employees." This classification includes teaching personnel, instructors, assistant professors, associate professors, professors, and academic administrators holding faculty rank. These employees must be employed at a regional college or university. Current "education employees" will continue to participate in MOSERS. All other employees (e.g., clerical staff, technical, staff) will also continue to participate in MOSERS.
MOSERS will act as the fiduciary, selecting the best service provider for the plan. MOSERS will assist the service provider in establishing processes, procedures, and selecting investments. MOSERS will also establish the annual contribution rate to CURP.
TIAA-CREF, the plan administrator, will manage the daily tasks of the plan, build a comprehensive menu of investment choices, educate participants about the plan and various choices available, maintain account balances and transaction history for participants, distribute statements, answer questions related to the plan, and complete all compliance reporting and filing requirements.
Southeast Missouri State University will provide any new information to participants as it becomes available. Additionally, the university will determine which plan (MOSERS or CURP) is applicable to new hires.