Before you load up your summer student workers with tasks, give them a crash course in the Student Employee Retirement Plan (SERP).
While SERP is in effect year round, many students encounter it for the first time during the summer. That's why now is a great time to let student employees know that CU may withhold a portion of their paychecks to fund this benefit.
CU’s SERP is an alternative to Social Security for CU student employees who, by state law, must participate in a retirement plan but are not eligible to enroll in the university’s mandatory 401(a) retirement plan. CU withholds 7.5 percent from participating student workers' paychecks and places it into their SERP retirement-savings accounts.
CU student workers required to contribute to the SERP include:
- those who consistently work 40 hours a week, in any semester.
- undergraduate student employees enrolled in less than six credit hours.
- graduate student employees enrolled in less than three credits.
Get a quick refresher on the SERP with our video tutorial, and encourage your student workers to view this online guide, as well as the SERP fact sheet, by downloading, printing and hanging this flier in your office.