Change in Pension Matching Benefit – Effective July 1, 2013May 31st, 2013
Beginning July 1, 2013, the University intends to reinstate a portion of the voluntary pension matching plan (403 b) that was suspended as of July 1, 2010. Beginning with the first complete pay period in the month of July (July 19th for hourly employees and July 15th for salaried employees), individuals who contribute a minimum of at least 2% of their annual compensation will receive a 1% University match. The maximum amount that the University will match is 1%.
- For example, if an employee contributes 2% or greater of their annual compensation, they will receive a 1% match, as mandated by the maximum limit.
- If an employee elects to contribute anything less than 2% of their annual compensation, they will not receive a University provided match, as they did not meet the minimum required employee contribution.
If you need assistance in establishing your voluntary contribution, or if you have additional questions, please contact Cindy Fisher, Benefits Coordinator, at extension 4126.