Common use of Defined Contribution Retirement Plan Clause in Contracts

Defined Contribution Retirement Plan. Eligibility Full and part-time regular and provisional Supervisory-Technical employees Vesting The date of hire of the employee. Employer Contribution The University contribution to an eligible employee’s 403(b) Basic Retirement Plan is based on a percentage of employee’s base hourly rate beginning on date of hire (See S-42-2). Effective July 1, 2015, the employer contribution rate is ten percent (10.0%). Pay excluded from Employer retirement contributions: • Retirement incentives • Excellence awards • Payback • Leave payoff at retirement/termination • Supplemental pay (paid for MPSERS) • Special assignment pay (paid for MPSERS) • On-campus employees also teaching Global Campus course (paid for MPSERS) • Subsistence Voluntary Tax Deferred Plan Employees are strongly encouraged to contribute to a supplemental retirement account (“SRA”) to the extent allowed by law. Record Keeping Entity TIAA-CREF, or such other record keeping entity as the University shall selects.

Defined Contribution Retirement Plan. Eligibility Full and part-time regular and provisional Supervisory-Technical employees Vesting The date of hire of the employee. Employer Contribution The University contribution to an eligible employee’s 403(b) Basic Retirement Plan is based on a percentage of employee’s base hourly rate beginning on date of hire (See S-42-2). Effective July 1, 2015, the employer contribution rate is ten percent (10.0%). Pay excluded from Employer retirement contributions: •  Retirement incentives •  Excellence awards •  Payback •  Leave payoff at retirement/termination •  Supplemental pay (paid for MPSERS) •  Special assignment pay (paid for MPSERS) •  On-campus employees also teaching Global Campus course (paid for MPSERS) •  Subsistence Voluntary Tax Deferred Plan Employees are strongly encouraged to contribute to a supplemental retirement account (“SRA”) to the extent allowed by law. Record Keeping Entity Vendor TIAA-CREF, or such Fidelity Investments and other record keeping entity vendors as approved by the University shall selects.Employer