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 2014
- $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 Wednesday, August 06, 2014