The University provides a voluntary 403(b) defined contribution retirement plan with scheduled matching funds to eligible employees who make tax-deferred contributions. This plan consists of individual retirement accounts with 100% immediate vesting.
Full-time and regular part-time employees may begin participation in the plan on a voluntary basis with University matching funds on the first day of the month after completing one year of service (as defined in the plan document) at the University and attaining age 21 or any first day of the month thereafter. These employees are also eligible to participate in the plan with University matching funds if they have fully vested, fully funded benefits under the terms of an institutional retirement plan of a previous employer. Enrollment information is available from Employee Benefits. See also Voluntary Supplemental Retirement Accounts.
Plan contributions by participants will be made on a tax-deferred basis under an agreement for salary reduction executed in accordance with Section 403(b) of the Internal Revenue Code. Salary Reduction Agreements are available from Employee Benefits.
University matching contributions will follow the employee's plan contributions for investment within the company which the employee has directed his/her investments.
The participant's contribution and the University matching contribution will be funded monthly during years of participation except for months in which no salary is paid.
Unless otherwise specified in a collective bargaining agreement, the University shall make Matching Contribution each Plan Year in an amount equal to 188% of the first 5% of each Participant's Compensation that he elects to contribute to the Plan as an Elective Deferral for that Plan Year. For purposes of the Employer's Matching Contribution, your Elective Deferrals in excess of 5% of Compensation will not be taken into account. Full-time faculty employees should refer to their specific contract for matching contribution information.
Each year, the IRS establishes the maximum employee contributions limit that elective deferrals may be made on a pre-tax basis.
Termination of Employment
Upon termination or retirement, applications for benefits may be obtained by contacting the appropriate retirement company. Contact information is provided upon termination of employment.
The University allows full cashability of retirement accounts upon termination or retirement as outlined by the plan document and Federal regulations.
Cashability and benefits' options may vary within each retirement company.
Refer to the Summary Plan Description available on the Human Resources Web site under Benefits for additional information.