成人影片

Policy Statement

The 403(b) Retirement Plan for faculty and staff (the 403(b) Plan) is a defined contribution plan under Section 403(b) of the Internal Revenue Code.

Reason for Policy

This policy was created to define the rules and procedures of the employee 403(b) retirement plan.

Who Is Governed by this Policy

Faculty, Administration, and Staff

Policy

成人影片 University provides employees with the opportunity to participate in a defined contribution retirement plan established under section 403(b) of the IRS Code.

Eligibility and Participation

All University employees are eligible to participate in the Plan except for the following excluded groups:

• non-resident aliens who receive no U.S. source income from 成人影片
• Leased employees
• Students who are excludable under U.S. regulations; and
• Independent Contractors

If you are an eligible employee, you may begin to participate in the Plan by making Voluntary Contributions on the first day of the first calendar month following your date of hire or appointment.

All full-time non-union employees are required to contribute a portion of their eligible compensation to the Plan after completing two years of service (known as 鈥淢andatory Contributions鈥�). 聽(See Summary Plan Document for details regarding bridging service). Additionally, effective January 1, 2014, part-time non-union employees who are classified as academic or administrative executives by 成人影片 are also required to make Mandatory Contributions to the Plan after completing two years of service.

If you are required to make Mandatory Contributions, these contributions will start automatically with the first payroll period commencing on or after the first day of the calendar month coinciding with or next following your completion of two year of service or you have eligible service with a previous employer (see Summary Plan Document for details regarding bridging service).

If you are an employee covered by a collective bargaining agreement between the University and a union (a 鈥渦nion employee鈥�) and or are a part-time employee (other than an academic or administrative executive as described above), you are not subject to the Plan鈥檚 Mandatory Contribution requirements.

The University provides generous employer contributions. The schedules below show the minimum amounts that are required to be contributed and the amount that 成人影片 contributes after completing two years of service.

成人影片 University does not contribute to your retirement plan until you have completed 2 years of service or prior service equivalent – see summary plan description regarding prior service details.

For Non-Union Employees

成人影片 University does not contribute to your retirement plan until you have completed 2 years of service or prior service equivalent – see summary plan description regarding prior service details.

For Union Employees

Automatic Enrollment and Contribution Election for Local 153 Employees

A 鈥淟ocal 153 Auto-Enrolled Employee鈥� shall be automatically enrolled in the Plan on the Automatic Entry Date (as defined below) and shall be deemed to have elected to contribute to the Plan the percentage of his or her Salary set forth as Voluntary Contributions.

The deemed election described above shall be effective as of the Local 153 Auto-Enrolled Employee鈥檚 first payroll period following the Automatic Entry Date (or as soon thereafter as is administratively feasible), unless the Local 153 Auto-Enrolled Employee elects on or before the Automatic Entry Date to increase or decrease his or her deemed election or elects not to contribute Voluntary Contributions to the Plan.

A 鈥淟ocal 153 Auto-Enrolled Employee鈥� means an Employee covered under the terms of the collective bargaining agreement between the University and the Office and Professional Employees International Union, Local 153 AFL-CIO whose employment commencement date under the Plan is on or after January 1, 2014.

鈥淎utomatic Entry Date鈥� means the first day of the month that is coincident with or next following the 60 day period after the Local 153 Auto-Enrolled Employee鈥檚 employment commencement date.

Each Local 153 Auto-Enrolled Employee鈥檚 deemed election percentage for each Automatic Contribution Period (as defined below) shall be determined in accordance with the table set forth below. 聽The deemed election percentage indicated below shall be applied to the Local 153 Auto-Enrolled Employee鈥檚 Salary for each pay period beginning in the applicable Automatic Contribution Period and deposited to the Plan as Voluntary Contributions.

Automatic Contribution Period Deemed Election Percentage:

• First Automatic Contribution Period 1%
• Second Automatic Contribution Period 2%
• Third Automatic Contribution Period 3%
• Fourth Automatic Contribution Period 4%
• Fifth and all subsequent Automatic Contribution Periods 4.5%

The 鈥淎utomatic Contribution Period鈥� means each twelve-month period ending on the day before the anniversary of the Automatic Entry Date, such that the 鈥渇irst鈥� Automatic Contribution Period ends on the day before the first anniversary of the Automatic Entry Date and the 鈥渟econd鈥� Automatic Contribution Period ends on the day before the second anniversary of the Automatic Entry Date.

Definitions

Please view formal summary plan description.

Forms

Forms for this policy must be received in the Office of Human Resources.

Related Information

Defined Contribution Retirement Plan

Document History

• Policy Origination Date: Unknown
• Last Reviewed Date: April 22, 2024
• Policy Reviewed by: Policy Owner and Policy Experts
• Last Approved Date: April 22, 2024

Who Approved This Policy

Executive Leadership