BENEFITS POLICIES

Human Resources
Benefits Policies
Business Travel Accident Plan
Credit Union
Dental Plan
Education (Tuition Waiver) Starting Fall 2009
Employee Assistance Program (EAP)
Family and Medical Leave
Flexible Benefits
Health Savings Accounts (HSA)
Life Insurance and Accidental Death & Dismemberment (AD&D)
Long-Term Disability
Medical Plan
Qualified Status Change
Qualified Transportation Expense
Retiree Benefits
Retirement Plan
Short-Term Disability
Tuition Reimbursement Program
Vacation (Fifth Week / 20 Yr. Club)
Vision Plan
Voluntary Benefit - Hyatt Legal
Voluntary Benefit - Liberty Mutual Homeowners/Auto Insurance
Voluntary Benefit - Supplemental AD&D
Voluntary Benefit - Supplemental Life Insurance
Voluntary Benefit - UNUMProvident Long Term Care
Voluntary Supplemental Retirement Accounts

For More Information, Contact:

Employee Benefits and Payroll
Revere Center 300
Moon Campus


jobs@rmu.edu
412-397-6270 phone
412-397-4893 fax


FACULTY/STAFF > DEPARTMENTS & OFFICES > HUMAN RESOURCES > BENEFITS POLICIES > RETIREMENT PLAN
Retirement Plan

Vesting

The University provides a voluntary 403(b) defined contribution retirement plan with scheduled matching funds to eligible employees who make tax-deferred contributions. This plan consists of individual retirement accounts with 100% immediate vesting.

Eligibility

Full-time and regular part-time employees may begin participation in the plan on a voluntary basis with University matching funds on the first day of the month after completing one year of service (as defined in the plan document) at the University and attaining age 21 or any first day of the month thereafter. These employees are also eligible to participate in the plan with University matching funds if they have fully vested, fully funded benefits under the terms of an institutional retirement plan of a previous employer. Enrollment information is available from Employee Benefits. See also Voluntary Supplemental Retirement Accounts.

Tax-deferred Benefit

Plan contributions by participants will be made on a tax-deferred basis under an agreement for salary reduction executed in accordance with Section 403(b) of the Internal Revenue Code. Salary Reduction Agreements are available from Employee Benefits.

University matching contributions will follow the employee's plan contributions for investment within the company which the employee has directed his/her investments.

The participant's contribution and the University matching contribution will be funded monthly during years of participation except for months in which no salary is paid.

Employer Match

Unless otherwise specified in a collective bargaining agreement, the University shall make Matching Contribution each Plan Year in an amount equal to 188% of the first 5% of each Participant's Compensation that he elects to contribute to the Plan as an Elective Deferral for that Plan Year. For purposes of the Employer's Matching Contribution, your Elective Deferrals in excess of 5% of Compensation will not be taken into account. Full-time faculty employees should refer to their specific contract for matching contribution information.

Employee Contributions

Each year, the IRS establishes the maximum employee contributions limit that elective deferrals may be made on a pre-tax basis.

Termination of Employment

Upon termination or retirement, applications for benefits may be obtained by contacting the appropriate retirement company. Contact information is provided upon termination of employment.

The University allows full cashability of retirement accounts upon termination or retirement as outlined by the plan document and Federal regulations.

Cashability and benefits' options may vary within each retirement company.

Refer to the Summary Plan Description available on the Human Resources Web site under Benefits for additional information.

Effective: 02/01/2000

Updated: 11/30/2009