HR Updates Blog

 

403b Matching Information

July 30th, 2014

On July 1, 2014 he University  reinstated part of its 403b matching fund options. Individuals who contribute a portion of their earnings, as a pre-tax withholding, will receive a University match in the following increments:

Increment 1 (Was already in place) – When a minimum of 2% of annual compensation is withheld from earnings, the employee will receive a 1% University match. If an employee does not contribute a minimum of 2%, no matching funds will be given.

Increment 2 (Effective July 1, 2014) – When 3% of annual compensation is withheld from earnings, the employee will receive a 1.5% University match.

Increment 3 (Effective July 1, 2014) – When 4% of annual compensation is withheld from earnings, the employee will receive a 2% University match. 2% is the maximum matching contribution limit.

University matching amounts for any contribution to the plan outside of the three increments described above (i.e., a specific dollar amount) will be rounded down to the closest half percent increment not to exceed the 2% maximum.

Employees may elect to withhold additional earnings (up to $17,500 for 2014 if under age 50; up to $23,000 for 2014 if age 50 or older) even though the match will not exceed 2%.

A salary reduction form must be used to authorize any new pay withholdings, and can be found on the Payroll website at http://www.cedarville.edu/~/media/Files/PDF/Payroll/Salary-Reduction-Agreement.pdf.  PLEASE RETURN TO PAYROLL for processing.

If you need assistance in establishing your voluntary contribution, or if you have additional questions, please contact Cindy Fisher, Benefits Coordinator, at extension 4126.

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