Complete 30 months of service from Tier 1 Employer Contribution Begin Date (always July 1 or January 1) Group 2: Hire Date Prior to 5/1/16 PY 16 Employer Contribution Begins Eligibility Qualifiers Contribution (Two opportunities per program year) Work 1000 hours of service in one program year (July 1 June 30), and – 10% Next Jan 1 or July 1 following Eligibility Complete 12 months of service Vesting An employee is not 100% vested until they have worked at least 1,000 hours during 3 program years of the contributions. After working at least 1,000 hours during 2 program years employer’s an employee is 20% vested, prior to this an employee is 0% vested in the contributions. employer’s (An own money withheld from an paycheck is fully the money.) employee’s employee’s employee’s Vesting on employer contributions: Year 1: 0% Year 2: 20% Year 3: 100% Contribution Changes: An employee may start, stop, increase or decrease their contribution as often as needed. To make changes to 403(b) contributions, employees can request the change online via their Empower Retirement account or complete the Salary Deferral Agreement form and submit to HR. Distributions: An account assets may generally be withdrawn under the following qualifying employee’s circumstances: Retirement Severance of employment Disability Hardship Attainment of age 59 ½ To make a distribution contact HR for appropriate forms or access the Benergy site . Contact Human Resources for any questions or additional information. Senior Management Retirement Plan: Senior managers have additional retirement benefits, as designated annually by the Board of Directors through a Key Employee Retirement Benefit. The Key Employee Retirement Benefit includes additional contributions to the regular 403(b) plan, and may include organization’s
Complete 30 months of service from Tier 1 Employer Contribution Begin Date (always July 1 or January 1) Group 2: Hire Date Prior to 5/1/16 PY 16 Contribution Eligibility Qualifiers Employer Contribution Begins (Two opportunities per program year) 10% Work 1000 hours of service in one program year (July 1 – June 30), and Complete 12 months of service Next Jan 1 or July 1 following Eligibility Vesting An employee is not 100% vested until they have worked at least 1,000 hours during 3 program years of the employer’s contributions. After working at least 1,000 hours during 2 program years an employee is 20% vested, prior to this an employee is 0% vested in the employer’s contributions. (An employee’s own money withheld from an employee’s paycheck is fully the employee’s money.) Vesting on employer contributions: Year 1: 0% Year 2: 20% Year 3: 100% Contribution Changes: An employee may start, stop, increase or decrease their contribution as often as needed. To make changes to 403(b) contributions, employees can request the change online via their Empower Retirement account or complete the Salary Deferral Agreement form and submit to HR. Distributions: An employee’s account assets may generally be withdrawn under the following qualifying circumstances: Retirement Severance of employment Disability Hardship Attainment of age 59 ½ To make a distribution contact HR for appropriate forms or access the Benergy site . Contact Human Resources for any questions or additional information. Senior Management Retirement Plan: Senior managers have additional retirement benefits, as designated annually by the Board of Directors through a Key Employee Retirement Benefit. The Key Employee Retirement Benefit includes additional contributions to the organization’s regular 403(b) plan, and may include