You are eligible for this plan if you are:

• Faculty hired before March 1, 2001
• Exempt employees hired before March 1, 2001

Faculty and exempt staff regularly scheduled to work 1,000 or more hours per year (51% time or greater) are generally eligible to participate in the plan* and may receive University contributions.

Employees working less than 1,000 hours per year may still make voluntary contributions.

*Retirement benefits for eligible employees may vary based on several factors, with percent time worked and employee group being the primary determinants.

Basic Employee Contribution

Participation in this plan requires a mandatory employee contribution of 2% of retirement-eligible salary as a condition of employment, beginning the first of the month following six months of employment.

University Contributions

You will become eligible for a monthly University contribution to the Plan, calculated as a percentage of your eligible salary, beginning on the first day of the month following the completion of six months of employment. The University’s contribution rate varies based on your age and years of service. The table below outlines the corresponding levels of employee and University contributions:

*Age 55+ rates take effect the first of the month following your 55th birthday.

Voluntary Contribution

You may make additional voluntary contributions starting the first of the month after hire.

• Minimum: $200 per year
• Can be adjusted monthly in Workday

Maximum Deferral

Employee contributions are subject to IRS annual limits.

Important Notes

• The mandatory 2% voluntary contribution, otherwise known as the maximum elective deferral, is established by federal guidelines and does not count toward IRS limits
• Limits apply across all retirement plans with elective deferrals (e.g., another employer's 401(k) or 403(b) plans)
• Your contribution capacity may be affected by salary, employment status, percent time or leaves of absence

If you are or will be participating in other retirement plans, notify the Benefits Office so limits can be calculated accurately.

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.

You are fully and immediately vested in both employee and University contributions.

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.

You are eligible for this plan if you are:

• Non-exempt employees hired before March 1, 2001
• Public Safety employees hired before July 20, 2001
• Library Union employees

Faculty and exempt staff regularly scheduled to work 1,000 or more hours per year (51% time or greater) are generally eligible to participate in the plan* and may receive University contributions.

Employees working less than 1,000 hours per year may still make voluntary contributions.

*Retirement benefits for eligible employees may vary based on several factors, with percent time worked and employee group being the primary determinants.

Basic Employee Contribution

Participation in this plan requires a mandatory employee contribution of 2% of retirement-eligible salary as a condition of employment, beginning the first of the month following six months of employment.

University Contributions

You will become eligible for a monthly University contribution to the Plan, calculated as a percentage of your eligible salary, beginning on the first day of the month following the completion of six months of employment. The University’s contribution rate varies based on your age and years of service. The table below outlines the corresponding levels of employee and University contributions:

*Age 55+ rates take effect the first of the month following your 55th birthday.

Voluntary Contributions

You may make additional voluntary contributions starting the first of the month after hire.

• Minimum: $200 per year
• Can be adjusted monthly in Workday

Maximum Deferral

Employee contributions are subject to IRS annual limits.

Important Notes

• The mandatory 2% voluntary contribution, otherwise known as the maximum elective deferral, is established by federal guidelines and does not count toward IRS limits
• Limits apply across all retirement plans with elective deferrals (e.g., another employer's 401(k) or 403(b) plans)
• Your contribution capacity may be affected by salary, employment status, percent time or leaves of absence

If you are or will be participating in other retirement plans, notify the Benefits Office so limits can be calculated accurately.

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.

All participants are fully and immediately vested in the plan.

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.