Retirement Benefits

Retirement Benefits and Regulations

Social Insurance Retirement Benefits

For those enrolled in the Egyptian or US social security schemes, social insurance retirement benefits become payable after a person reaches the retirement age or is deceased as applicable by the relevant laws.

Additional Retirement Plans

In addition to the social insurance retirement benefit, there are several different retirement plans designed to meet the different needs among employee categories. One plan is directed toward non-US local support staff and others are aimed at administrative and managerial categories as well as USD support staff.

  1. Staff supplemental pension plan in Egyptian pounds: This is a local plan presently administered by CIB and caters to non-U.S. citizens/residents support staff levels 1 to 9. The plan was incepted retroactive September 1994.
  2. The American-based AUC custodial retirement plan in USD dollars: This is one of the new (January 2006) substitutes to the single TIAA-CREF plan which originally served all administrators and managers, regardless of citizenship. The new plan is administered by Vanguard in the United States where participation is limited to administrators, managers, staff and faculty who are U.S. citizens and resident aliens (Green Card holders).  Although the old TIAA-CREF plan still carries the accumulated savings of those who had participated in that plan prior to January 1, 2006, and who have chosen not to transfer those savings to one of the replacement plans, neither new participants nor contributions from participants following that date are permitted.
  3. The AUC offshore retirement investment plan in USD dollars: This is the second substitute to the old TIAA-CREF plan and is administered by Fidelity International in the United Kingdom. The plan is open to administrators, managers and faculty, whether third-country nationals or Egyptians.
  4. The AUC retirement savings plan in U.S. dollars: This is the third substitute to the old TIAA-CREF plan and is an alternative to the AUC off-shore retirement investment plan; the participant is entitled to join either one of the two plans and not both.  In case of enrollment in one plan, eligibility to the other one is ceased till terminating service with AUC. This plan is administered by the Arab African International Bank in Egypt. As applied with the AUC offshore retirement investment plan, this plan is open to administrators, managers and faculty members who are third-country nationals or Egyptians. 

Employees who acquire a U.S. citizenship as a second nationality or those who are U.S. resident aliens (Green Card holders) are not qualified to enroll in the offshore or the AUC U.S. dollar retirement plans. These employees are only eligible for the US-based Vanguard plan.


General Regulations

  1. Participation in any of the above-noted plans may begin on a voluntary basis on the first day of the month of full-time employment at AUC. Enrollment for those hired on grants funded by external parties can only be made if monetary contributions are available on the grant budget and approved by the Grant Manager.
  2. A requirement for enrollment is the enrollment form. It is also preferable to fill out the beneficiary designation form, which can be changed at any time at the request of the employee.
  3. No retroactive contributions are permitted effective July 1, 2017, where contributions will be made as of the month of actual enrollment.
  4. Contributions for all plans are made on the basis of gross salary and at the rate of 18 percent (10.8 percent paid by AUC and 7.2 percent by the employee) and are made on a monthly basis.
  5. . For the staff supplemental pension plan, contributions are paid in Egyptian pounds, and for the remaining pension plans covering administrators, managers; employees on job levels from 10 and above except for Vanguard where job levels are not limited for US citizens/residents, and faculty, contributions are paid in U.S. dollar.
  6. If a non-U.S. citizen’s employee category changes from staff to managerial, he/she must shift from the staff supplementary pension plan to either choose the offshore retirement investment plan administered by Fidelity in the United Kingdom, or the staff dollar supplemental savings plan administered by the Arab African International Bank in Egypt. No automatic transfer of fund from the local to the dollar plans shall be made; a written request shall be provided by the participant in case of opting to transfer the accumulated fund from the staff supplementary pension plan to the dollar pension plan he/she shifted to.
  7. Upon termination of employment, participants are entitled to receive their accumulated funds' employer contributions, employee contribution and investment earnings (if any) within certain restrictions and regulations as outlined in the relevant plan documents. Finalizing the clearance letter requested by the Office of Human Resources is required to receive the pension payment.

Summaries of the individual retirement plans noted above are available at the Office of Human Resources. 

For more information about the staff supplemental pension plan, click here. For more information about the international retirement plan, click here.