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Policy 607 - Univeristy Retirement Plan

607. University Retirement Plan

Statement

Santa Clara University provides a retirement plan for all eligible employees. The University offers its retirement plan through the Santa Clara University Defined Contribution Plan and provides investment options through designated fund sponsors.

Procedure

Eligibility

Any regular employee who works at least 1000 hours per calendar year is eligible for participation in the Santa Clara University Defined Contribution Plan. This plan has a two year vesting period. The vesting clock will continue as long as the employee meets the eligibility requirements and in accordance with the plan document.

The University makes a designated contribution based on an employee’s base pay. This contribution is made on a semi-monthly basis coinciding with the pay date. Plan contributions begin on the first day of the month coinciding with or next following the date of hire provided the appropriate paperwork has been completed and submitted to Human Resources.

An eligible employee can change his/her fund sponsor once a year during the open enrollment period.

Responsibility

It is the responsibility of the employee, as a new hire, to choose a retirement vehicle within 31 days of his/her date of hire. An employee who does not enroll within this time period will have his/her retirement defaulted. During the open enrollment period, the employee has the option of changing carriers. It is the responsibility of Human Resources to notify employees of the open enrollment period and of any changes to the retirement plan.

Resource

Contact Human Resources if you have any questions or if you would like more information regarding this policy. Specific information regarding designated fund sponsors may be found on the Human Resources web site or you can contact the appropriate fund sponsor.


Policy Approved: October 23, 1998
Last Updated: October 28, 1998

Maintainer: Human Resources

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