Retirement Plan
| Your Contributions |
Who’s eligible to contribute
|
- All employees, except student workers, leased employees and participants in a religious order plan |
| Contribution percentage |
- You elect any percent of your before-tax eligible pay
- May enroll, disenroll or change your contribution at any time
|
| Maximum contribution |
- $17,500 for 2013
- $5,500 catch-up contribution if age 50 or older
- Up to $3,000 additional, if employed by SU 15 years or more |
| Waiting period |
- You may enroll immediately |
| Vesting |
- Your contributions are always 100% vested |
| Investment choices |
- A diverse set of choices encompassing stocks, bonds,
domestic/international, index and actively managed, target date,
socially responsible investments, short-term and fixed return funds
- You can change investment allocations at any time |
| Access to your contributions while employed - Loans |
- Available for general purposes
- Minimum $1,000
- Maximum $50,000 |
| Access to your contributions while employed - Withdrawals |
- May withdraw funds for any reason if age 59-1/2 or older
- Hardship withdrawals available under age 59-1/2 |
| Access to your contributions after employment has ended |
- Roll over funds to new employer
- Leave funds in account
- Request payment |
| University Contributions |
| Who's eligible |
- Employees (except student workers, leased employees and participants in a religious order's plan) who have completed the eligibility period |
| Participation date |
-The first of the month coincident with or immediately following completion of the Year of
Service eligibility requirement |
| University contributions |
- 10% of eligible pay contributed to your Fidelity retirement account each pay day.
- Allocation condition – amounts contributed to your account within a calendar year will be forfeited if you work less than 1,000 hours in that year (unless your employment separation
was due to normal retirement, death or Disability) |
| Vesting |
- 100% vested immediately |
| Investment choices |
- One election applies to all types of plan contributions. Same investment choices as for your own contributions. |
| Access to University contributions while employed - Loans |
- For post-secondary educational expenses or principal home purchase only
- Minimum $1,000
- Maximum $50,000 |
| Access to University contributions while employed - withdrawals |
Not available unless you are a faculty member who is participating in phased retirement |
| Access to University contributions after employment has ended |
- Roll over funds to new employer
- Leave funds in account
- Request payment |
Additional plan information beyond the highlights shown above may be found in the official plan summary: Employees Retirement Plan SPD.
Last modified on Tuesday, March 26, 2013