Supplemental Retirement Plans Changes
Contribution changes to your supplemental retirement plan can be made easily and securely through the web. Please read the agreement below and then indicate your approval. You will be directed to a page where you can select the plan in which you are interested.
- This change is effective with amounts earned by the employee for pay periods ending after the date of acceptance of this agreement. The employee is responsible for ensuring that the contributions do not exceed the amount permitted under Section 402 (g), 403(b) and 414 (v) of the Internal Revenue Code. If a contribution increase exceeds the net pay, then the contribution will default to the previous amount.
- The total contribution requested by the employee will be remitted to the plan selected by the employee. There are 24 deductions per year for biweekly paid employees and 12 deductions per year for monthly paid employees. The plan was selected by the employee without undue influence by the Employer.
- This agreement shall be legally binding and irrevocable with respect to all amounts earned by the employee while the agreement is in effect. This agreement shall continue indefinitely until amended or terminated by either party. The employee may terminate this agreement at any time with respect to amounts not yet earned. Termination of employment automatically terminates this agreement.
- Monthly paid employees must make their change by the 10th of the month for their contribution to be effective that month. Biweekly paid employee contribution changes will be effective the next available pay period after the change is received.
- The University requires that contributions cannot exceed the amount at which an employee's net pay is less than $100 of net pay to ensure that required deductions are able to be withheld.
- This agreement is not a contract of employment between employer and employee and shall not affect which would otherwise be due the employee if this agreement had not been executed. If any portion of this agreement is in conflict with the employee’s contract of employment, the contract of employment will control.