University Human Resources
Deferred Vesting Retirement Plan
Eligibility
Eligible employees include:
- Faculty and staff hired on or after March 1, 2001* and scheduled to work 1,000 or more hours per year
- Members of the Public Safety bargaining unit hired after July 20, 2001
*Employees hired on or after March 1, 2001 with prior service at Brown should contact the Benefits Office at 401-863-2141 to confirm eligibility for the Deferred Vesting Retirement Plan.
Contributions
Employee Contributions
- You may begin contributing on the first day of the month following your hire date
- Minimum contribution: $200 per year
- You can change your contribution amount monthly in Workday by initiating a Retirement Savings Election event
University Contributions
- Begin after 6 months of employment and are determined as a percentage of your eligible salary
- Vary based on your:
- Age
- Years of service
- Employee contribution level
Contribution Schedule
| Employee Contribution | University Contributions for Employees Under Age 55 (or 55+ with <10 years of service) | University Contributions for Employees Age 55+ with 10+ Years of Service |
|---|---|---|
| 0% to less than 1% | 6% | 8% |
| 1% to less than 2% | 7% | 9% |
| 2% or more | 8% | 10% |
Your contribution rate directly impacts how much Brown University contributes on your behalf.
Vesting
University contributions become vested (i.e., become fully owned by you) over time according to the following schedule:
| Completed Years of Service | Vested | Forfeited |
|---|---|---|
| Less than 2 | 0% | 100% |
| 2 to less than 3 | 20% | 80% |
| 3 to less than 4 | 50% | 50% |
| 4 to less than 5 | 75% | 25% |
| 5+ | 100% | 0% |
Maximum Elective Deferral
Your voluntary contributions are subject to annual limits set by the IRS.
Key Points
- Your matched employee contributions to the Plan (including 1% or 2% contributions referenced above) count toward your annual limit
- Limits apply across all retirement plans with elective deferrals in which you participate in (e.g., another employer’s 401(k) or 403(b))
- Your contribution limit may be affected by:
- Salary
- Employment status
- Percent time
- Leaves of absence
If you are currently contributing to, or plan to contribute to, another retirement plan (personal or employer-sponsored), please notify the Benefits Office so your annual contribution limits can be calculated accurately.
Hardship Withdrawals
You may be eligible to withdraw your voluntary contributions if you or your beneficiary experience an immediate and heavy financial need that cannot be met through other resources.
The Plan defines an “immediate and heavy” financial need as one or more of the following:
- Purchase of a primary residence or preventing eviction/foreclosure on a primary residence (not including normal monthly mortgage or rent payments)
- Post-secondary tuition for you or your dependent
- Unreimbursed medical bills
- Funeral expenses for a dependent
Not eligible:
- General debt payments
- Home repairs
Requirements:
- You must document the nature of the financial need and amount
- You must demonstrate that other resources have been exhausted
If your application for a hardship withdrawal is approved, you may withdraw an additional funds to cover anticipated applicable income taxes and penalties.
The information presented on this page represents a summary of the plan's eligibility and benefits; in the event of a conflict between the above information and the plan document, the plan document will apply.