UNIVERSITY HUMAN RESOURCES

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.

Federal regulations require us to provide specific plan and investment information on an annual basis that includes detailed information about your investment options and expenses associated with those investments.

No action is required from you at this time.  You are, however, encouraged to review the following information which is located on the University Human Resources (UHR) web site at www.cedarville.edu/retirement:

• Plan-Related Disclosures – These documents provide you with information about administrative fees, individual transaction expenses and your right to direct investments for each of our three approved vendors.
• Investment-Related Disclosures – These documents provide information about the investment options available through our current approved vendors TIAA-CREF, VALIC, and ING. Performance and expense information is also included.

(Note:  Former vendors [Pacific Life and Guidestone] are not approved to receive 403(b) deposits, and as a result their reports are not included.  You may contact those companies directly for additional information.)