Basic Retirement Plan: 401(a)
The University of 澳门最快开奖 provides employees a retirement plan for the purpose of accumulating lifetime retirement income through participation in the Basic Retirement 401(a) Plan.
Mandatory Participation
- You are at least age 30
- Employed in a regular budgeted position
- Completed two years of service
- Employment status equal to 0.5 full-time equivalency (FTE) or greater
Voluntary Participation
- You are at ages 26-29
- Employed in a regular budgeted position
- Completed two years of service
- Employment status equal to 0.5 full-time equivalency (FTE) or greater
Certain positions may be excluded. Employees declining voluntary participation when initially offered may not participate until the mandatory participation requirements are satisfied. Employees who satisfy the eligibility requirements for participation except for the two-year service provision may enroll if they can prove qualifying service with a prior employer whose primary purpose or activity provided a formalized program of education.
401(a) Contributions
Tier 1
- Your contribution: 3.5%
- University contribution: 6.5%
- Total contribution: 10.0%
Tier 2
- Your contribution: 5.5%
- University contribution: 8.0%
- Total contribution: 13.5%
Note: All new retirement-eligible employees are automatically enrolled in Tier 1. If you are currently in Tier 1 and would like to move to Tier 2, you can change your 401(a) contribution amount one time a year.
401(a) Effective Date of Participation
Mandatory Participation
- Participation is effective either February 1 or September 1 coincident with or following satisfaction of the eligibility requirements.
Voluntary Participation
- Participation is effective the first of the month coincident with or following satisfaction of the eligibility requirements. Participation for employees who decline voluntary participation is effective the first of the month coincident with or following satisfaction of the mandatory participation eligibility requirements.
- Participation for employees who decline voluntary participation is either February 1 or September 1 coincident with or following satisfaction of the mandatory participation eligibility requirements.
Allocating 401(a) Plan Contributions
You may allocate Basic Retirement Plan contributions among or between TIAA and Fidelity Investments in any whole-number percentage, including full allocation to any option. Once participation begins, allocation changes of future premiums may be made at any time by contacting the respective investment company.
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