Retirement Plan and Trust. 1. The University's 401(a) Non-Contributory Retirement Plan and Trust is provided as follows:
a. Vesting status is attained upon completion of three (3) plan years (Sept 1st to August 31st each year) of 1,000 hours of service. The University shall contribute the percentage amount (called for in Article XVII.F.
1.) of an employee’s base salary for each eligible employee who is at least 21 years of age.
b. An employee must have completed 1,000 hours of service in a plan year to receive a contribution. No employee contributions are permitted. Age 55 is the normal retirement date and also gains automatic 100% vesting.
c. Once 100% vesting is achieved, the participant may direct current balance and future allocation of contributions throughout the plan’s available self directed investment options.
d. Benefits are paid to eligible participants for reasons of retirement, separation of employment, or "total and permanent disability."
Retirement Plan and Trust.
1. The University will continue its 401(a) plan until such time as it transitions to a 401(k) plan in accordance with the process as outlined below. Until this transition occurs, the University will continue to contribute 9% of an employee’s base salary consistent with the eligibility, contribution, vesting status and other plan requirements and limitations of the current 401(a) plan.
2. The University will provide a 401(k) retirement plan to employees that will be based on the calendar year (January to December) and will offer eligible employees a self-deferral and loan option feature, all subject to the terms of the Plan and applicable law and regulations.
3. In order to facilitate a transition to a calendar-year-based plan, a short 401(a) plan year will be instituted for the period from September 1st to December 31st in the year preceding the start of the new calendar-year 401(k) plan. During this short plan year, service hour and other limits and requirements which are typically applied on a plan-year basis will be prorated, but only to the extent permissible under the 401(a) plan and applicable law.
4. For each 401(k) Plan Year, the University shall contribute 6% of an employee’s eligible wages under the plan as an employer retirement contribution for each eligible employee who is at least 21 years of age. The University shall allocate the 6% between a non-elective Safe Harbor contribution and an additional discretionary employer contribution. The University may adjust the percentage allocations between the two contribution types, if needed, to maintain a 6% total employer contribution rate.
5. To be eligible under the Plan to receive an employer retirement contribution, an employee must have completed 1,000 hours of service in a Plan Year, with the exception of the short plan year which will be prorated as noted above.
Retirement Plan and Trust. 1. The University shall contribute the percentage amount of an employee’s base salary for each eligible employee who is at least 21 years of age.
2. The employer retirement contribution on the base salary of the contract years below will be:
a. 2015-16 Contract Year – 9% effective September l, 2015
b. 2016-17 Contract Year – 9% effective September 1, 2016
c. 2017-18 Contract Year – 9% effective September 1, 2017
d. 2018-19 Contract Year – 9% effective September 1, 0000
x. 0000-00 Xxxxxxxx Year – 9% effective September 1, 2019
3. To be eligible under the Plan to receive a contribution, an employee must have completed 1,000 hours of service in a plan year.
4. The plan does not allow employee contributions.
5. Vesting status is attained upon completion of three (3) plan years (Sept 1st to August 31st each year) of 1,000 hours of service. Age 55 is the normal retirement date and also gains automatic 100% vesting. Once 100% vesting is achieved, the participant may direct current balance and future allocation of contributions throughout the plan’s available self- directed investment options.
6. Benefits are paid to eligible participants for reasons of retirement, separation of employment, or "total and permanent disability."
7. The University agrees to make payments to the pension fund as soon as possible after calculating individual eligibility and completing an external audit of the plan.
