Defined Contribution Retirement Plan
This is a defined contribution plan in which all eligible employees of the University may participate on the first day of the month following their initial date of employment provided all necessary paperwork has been completed and processed. Employees never covered by a 403(b) plan, who make a minimum contribution, will be eligible to receive the University’s contribution on the first day of the month following two years of employment.
If an employee has been participating in a plan of an eligible employer which meets the requirements of Section 401(a) or 403(b) of the code or in a State Retirement Plan with an eligible employer immediately prior to their employment with the University and the employee otherwise meets the eligibility requirements for this Plan, each month of service with the eligible employer shall be counted as a month of service and a month of receiving a University contribution.
Contributions may be invested in one or more funding vehicles. The funding vehicles currently available under this Plan are maintained by the fund sponsors listed below:
As a participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan participants are entitled to a copy of the Summary Plan Description (SPD).
This plan is regulated by federal law (IRS codes) and the plan document has been adopted by the University Board of Trustees and sets forth the terms and conditions for participation in the plan. No party may make any promises or commitments to any employee or applicant which violates the law or is not in accordance with the plan.
Non-Union Employee Details
All full-time non-union employees will be required to contribute a minimum (mandatory) amount to the plan as a condition of employment after meeting the eligibility waiting period of 2 years of service either with a previous eligible employer or with Adelphi. See Summary Plan Description (PDF) for further details.