Duquesne University sponsors
an Internal Revenue Code 401(a) and 403(b) Defined
Contribution Retirement Plan for the benefit
of its eligible employees. This plan is intended
to help employees meet their financial needs
during retirement.
A. ELIGIBLE CLASSES
OF EMPLOYEES
Full-time employees of the University, other
than visiting faculty, adjunct faculty, post
and pre-doctoral fellows, graduate assistants,
and student employees are eligible to participate
in the Plan. Part-time employees by virtue of
ERISA 1000 hour rule are also eligible. Leased
employees and individuals who are not treated
by the University as employees for purposes
of federal employment tax withholding are not
eligible to participate in the Plan.
B. AGE AND SERVICE
REQUIREMENTS
Eligible employees may begin participation in
the Plan on a voluntary basis as of the first
day of the month next following the completion
of one year of service with the University by
completing the appropriate enrollment and election
forms and returning them to the Benefits Office.
Eligible employees with a
fully vested, fully funded benefit under the
institutional retirement plan of a previous
educational employer may begin participation
in the Plan as of the first day of the month
next following employment date by completing
the appropriate enrollment and election forms
and returning them to the Benefits Office.
Eligible employees are required
to participate in the Plan as a condition of
employment, as follows:
Faculty Members, Administrators
and Executives. An eligible employee, who
is a Faculty Member, Administrator or Executive,
is required to begin participation in the Plan
no later than the day following completion of
one year of service and attainment of age 35.
Support Staff. An eligible employee
who is Support Staff is required to begin participation
in the Plan no later than the day following
completion of five years of service and attainment
of age 35.
Service Employees. An eligible employee
who is a member of the Service Employees International
Union Local #3 and who has selected the Plan
as his or her retirement option, is required
to begin participation in the Plan no later
than the day following completion of one year
of service.
Teamsters. An eligible employee who is
a member of the Teamsters is not required to
begin participation in the Plan.
Employees Not Required to Participate.
An eligible employee, who was hired prior to
July 1, 1984, or who attained age 60 prior to
the effective date of his or her appointment,
is not required to participate in the Plan as
a condition of employment.
C. CONTRIBUTIONS
The University will make a contribution to the
Plan on behalf of each eligible employee who
contributes a minimum of 5% of their compensation
to the Duquesne University 403(b) Defined Contribution
Retirement Plan. University will be equal to
8% of compensation for such Plan year. Compensation
refers to regular fiscal and academic year salaries
and will not apply to over-time payment, bonuses,
awards, summer, or over-load teaching salaries.
Grant summer salaries may be eligible for contribution
upon review of funding and completion of Summer
Salary Reduction Agreement form. University
contributions and any investment earnings on
such contributions are not subject to federal
income taxes until they are distributed from
the Plan.
Employees are 100% vested in University contributions
and any earnings on such contributions at all
times.
D. LEAVE OF ABSENCE
Employees on a paid leave of absence will continue
their Plan contributions during leave, provided
that they continue to make contributions to
the Duquesne University 403(b) Defined Contribution
Retirement Plan. No Plan contributions will
be made during an unpaid leave.
Employees absent during a period of qualified
military service may be entitled to make-up
Plan contributions upon return to employment
with the University. Employees are to contact
the Benefits Office for additional information
if affected by this provision.
E. INVESTMENT OF ACCOUNTS
Employees are responsible for directing the
investment of their accounts under the Plan.
They may choose from a diverse menu of investment
options (funding vehicles) offered by the fund
sponsors. The fund sponsors are:
Teachers Insurance
and Annuity Association (TIAA)
College Retirement Equities Fund (CREF)
Fidelity Investments Tax-Exempt Services Company
(Fidelity)
Variable Annuity Life Insurance Company (AIG-VALIC)
F. APPLICATION FOR
BENEFITS
Procedures for the receipt of benefits under
the Plan may be initiated by contacting the
appropriate fund sponsor. Benefits shall be
payable by the fund sponsor upon receipt of
a satisfactorily completed application for benefits
and supporting documents. Application forms
shall be provided to a participant (or his or
her beneficary(ies), if applicable) by the fund
sponsor.
G. PLAN AMENDMENT AND TERMINATION
The University reserves the right to amend the
Plan at any time, for any reason, provided that
no such amendment will adversely affect employees’
vested benefits under the Plan. The University
expects to continue the Plan indefinitely; however,
in the unlikely event that the University decides
to terminate the Plan, employees will be 100%
vested in their accounts.
H. PLAN ADMINISTRATION
The Plan Administrator has the sole discretion
to interpret the provisions of the Plan and
to determine all questions of fact arising under
the Plan.
It is understood that these benefits are intended
to comply with all existing federal or state
benefit or tax regulations. The complete terms
and conditions concerning the plan can be found
in the plan document located on the Office of
Human Resource Management Web site at
www.hr.duq.edu
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