Voluntary Retirement Savings Plans. A. 403(b) Retirement Savings Plan: The University sponsors a 403(b) Retirement Savings Plan for all employees. An employee may participate in the 403(b) savings plan by authorizing the University to make reduction from each paycheck. The University remits the contributions to the University approved investment provider designated by the employee. Employees may select and contribute to one approved provider at a time and may change the provider at any time during the year at their own discretion, subject to the rules and regulations of the carriers, the University and the Internal Revenue Code. The University will select and retain investment providers according to Ohio legislation, University procedures and the 403(b) plan document. B. 457(b) Voluntary Deferred Compensation Program: The University offers a voluntary 457(b) deferred compensation retirement savings program through Ohio Public Employees Deferred Compensation. Employees may participate by contacting Ohio Public Employees Deferred Compensation to establish an account and indicate reductions from eligible payroll earnings. The University will process and remit reductions from payroll in accordance with Ohio Public Employees Deferred Compensation’s direction and Internal Revenue Code requirements.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
