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University’s Contribution: Effective 7/1/2010: 7% (after meeting eligibility requirements)
Employee Contribution: SRA (Supplemental Retirement Annuity) Optional
RETIREMENT PROGRAM 403(B) REGULAR RETIREMENT PLAN
Southwestern University provides a retirement program as outlined in a resolution passed by the Board of Trustees on November 10, 2000, and as subsequently amended.
There is a one-year waiting period before the University will begin retirement contributions; however, this waiting period is waived if the employee can provide documentation which confirms that he/she was fully vested in employer contributions made under the terms of a retirement plan sponsored by the employer that employed the eligible employee immediately prior to the University.
Effective 7-1-2010, the University will contribute an amount equivalent to seven (7) percent of the employee’s base monthly salary to the retirement plan. The contribution is fully vested in the name of the employee and deposited at the end of each pay period. It is the employee’s responsibility to allocate the funds among the various investment options. Deposits to the retirement program are not cashable.
The Human Resources department will notify employees of their eligibility and the need for a completed application form. When a fringe benefit requires an affirmative action (application, beneficiary designation, benefit allocation, or similar acknowledgement or election) on the part of the employee, failure to promptly and timely respond to requests for action from the Human Resources department will temporarily suspend eligibility for the benefit until all employee required actions are completed. In such instances, the University will be under no obligation to retroactively reinstate or otherwise compensate the employee for any loss of benefits attributable to the failure to respond. Details of this program are available from the Human Resources department.
SUPPLEMENTAL RETIREMENT ANNUITY PLAN
All employees are eligible to participate in the Supplemental Retirement Annuity Plan. This is a tax-deferred annuity plan. Under this plan, and within limits set by the Internal Revenue Code, an employee may enter into an agreement with the University whereby the employee’s salary is reduced and the amount of reduction is allocated among plan investment options as directed by the participant. The contributions elected by the employee are not taxed at the time of the contribution unless the Roth option is elected. Details of this program are described in the summary plan description available in the Human Resources department.
PHASED RETIREMENT PLAN (PRO) FOR FACULTY
Effective with the Fall 2010 semester, eligible faculty members may apply for participation in Southwestern University’s Phased Retirement Option Program (the “PRO Program”). The primary purpose of the PRO Program is to assist tenured faculty members to make the gradual transition and adjustment into retirement.
The PRO Program is voluntary and is not an automatic benefit to which eligible faculty members are entitled. Eligible faculty members must apply and receive written approval as described in the Application/Approval section below. Requests may be denied or amended by the Provost based on Southwestern University’s (the “University”) staffing requirements or other reasons based on the University’s current needs.
Have questions regarding your coverage or need help communicating with the insurance carrier?
Please contact our Benefit Advocates: Alight.
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