Initial Enrollment In a Retirement Plan
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For a newly eligible member of the faculty or staff hired on the
first business day of a month, enrollment becomes effective the
first of the next month, provided the online enrollment process
has been completed and confirmed, prior to the effective date.
If hired after the first business day of a month, the enrollment
becomes effective the first of the month following one full month
of employment, provided the online enrollment process has been
completed and confirmed, prior to the effective date.
For example, if you are hired September 1, eligibility is effective October 1
and is applied to the October paycheck. The online enrollment is due by
September 30. If you are hired September 2 or later, enrollment is effective
November 1 and is applied to the November paycheck. The online enrollment
is due in October not later than 30 calendar days from your date of hire.
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Once In Career Change
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After the initial enrollment election, a participant may terminate participation
in the Noncontributory Defined Benefit Pension Plan and elect to be a participant
in the Defined Contribution Program if he or she is eligible. This is referred
to as a “Once In Career Change.”
Once the change in election has been made, the participant is not permitted to
switch back to the retirement plan initially elected.
A participant may not change from the Defined Contribution Program to the
Noncontributory Defined Benefit Pension Plan.
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Participation Guidelines
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The guidelines for enrollment and effective dates must be followed for the
University to be in compliance with federal regulations and the Plan. This
means that there are restrictions concerning when the online enrollment is
processed with respect to when it was completed and that exceptions may not
be permitted.
If an eligible member of the faculty or staff does not enroll within proper
time periods of eligibility, he or she must wait for the next applicable
time period. For any transaction involving the University payroll system,
enrollment through the University Portal must always be completed prior to
the effective date. If a participant does not enroll online by the deadline,
the member of the faculty or staff must wait for the next applicable time
period.
Failure to meet the deadline for enrollment in the Defined Contribution Program
means that he or she will be covered under the terms of the Noncontributory Defined
Benefit Pension Pension Plan, and subject to the once in career change provisions.
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