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403(b) RothThe limit has gone up to $17,000 for employee contributions for the plan year 2012. The catch - up limit has remained at $5,500. If you do not change your contribution in the online 403(b) savings tool, it will remain the same percentage for 2012. If you are not changing anything from 2011 to 2012, you do not need to do anything, your contribution will remain the same.
Emory offers a 403(b) Roth Plan and a 403(b) Saving Plan. Employees earning 125% of the Highly Compensated Employee rate or more may be eligible for a 457(b) Deferred Compensation Plan. Employees can make contributions to one or more of the following retirement vendors: Fidelity Investments, TIAA-CREF, and Vanguard. Please note that Vanguard is the default vendor for Emory. 403(b) Roth PlanEligibility After-Tax Contributions Only: You must be in an eligible employee category to enroll. All Emory contributions are on a pre-tax basis. How To Enroll - New Online Enrollment !
What Does This Mean For You? * please note that the Emory Basic Plan is the first 1% and 2% and any matching contributions. This includes the Emory 6% contributions that Emory would contribute. The Group Supplemental Plans are above the 2% and are your voluntary contributions. No match or 6% monies go into these contracts for TIAA CREF.
How to Make Changes to the PlanYou can change your contribution amounts
online through Employee Self Service1. Log On to the Employee Self-Service at http://leo.cc.emory.edu, click on Self Service to expand
your available selections.
4. After selecting your elections, click the Submit Elections button. Print a copy of this page for
your records. How to Change Your BeneficiariesContact your retirement vendor(s) for changes to the beneficiaries. Vendor ContactsFidelity Investments Vanguard TIAA CREF Financial Services Employee ContributionsIf an employee elects to contribute 1% of regular salary, Emory matches it with a 1.5%(pre-tax) contribution; or for a 2% contribution, Emory matches it with a 3% contribution(pre-tax). The matching contributions vest after 3 years of employment. Employees may make additional supplemental contributions to either TIAA-CREF, or to mutual funds offered by Vanguard or Fidelity Investments up to the IRS limits. Employer Contributions and Matching ContributionsThe Emory Retirement Plan requires eligible employees to complete one year of service in order to be eligible for any employer contributions to the plan. However, the one year service requirement is waived, effective January 1, 2006, if the eligible employee submits a Certification of Participation Form online for a previous retirement plan. Review the Retirement FAQs for the elimination of the 1-year wait period for employer contributions and if you qualify. Vesting
You are always 100% vested in your own contributions, but become vested in matching contributions and employer contributions over time. On January 1, 2007, the vesting schedule for new 6% employer contributions changed. It now follows the same schedule as matching contributions—you become 100% vested in both contribution types after completing three years of service with completion of 1,000 hours worked in a 12-consecutive-month period. For all 6% employer contributions made on or before December 31, 2006, you become vested with completion of 1,000 hours worked in a 12-consecutive-month period and completing five years of service.
Vesting Requirements Only Apply to Employees Hired After 12/31/2002.
Distribution or Withdrawal from your Retirement VendorsAccessing Funds in your Retirement Plans While EmployedIn the event you need a distribution from your Retirement plan while you are an employee of Emory and a participant in the Retirement plan, there are several options available to you. You may elect to take a plan loan, a hardship withdrawal or an in-service withdrawal. The “Plan Loan” option enables a participant to loan themselves funds from their retirement plan to cover certain medical, educational or personal purchase items (ie. purchase of a home). Funds for a loan are available from your vested match employer money, employee basic and employee supplemental voluntary money contributions only. Plan loans are repayable through direct deposit repayment (ACH) over the timeframe of the loan and do not require participants to cease participating in the plan during the term of the loan. In addition there are no penalties assessed to participants for accessing money in this manner. Once all completed forms are submitted, this process typically takes 10 days. Loans require vendor approval. Loans are not available through Vanguard. The “Hardship Withdrawal” option enable a participant to withdraw funds to cover certain medical, educational, home purchase or repair items. Funds for a hardship are available from your vested employer match, supplemental voluntary money and basic money employee contributions only. Hardship withdrawals do not require repayment, are subject to IRS penalties for early withdrawal, are taxable to the participant and do require that participants cease participation in the plan for 6 months. Once all completed forms are submitted, this process typically takes 7 days. Hardships always require proof and documentation. Documentation must be provided to the vendor for verification. All loans must be taken before a hardship. The “In-Service Withdrawal” option, also called a "pre-retirement cash withdrawal," is available to those employees who have reached 59 ½ years of age. This is available on employee contributions only. Withdrawal requests do not have to meet certain reason requirements, they are not subject to IRS penalties for early withdrawal and they do not require participants to cease participation in the plan. Withdrawals are taxable to the participant at the time they are received. Once all completed forms are submitted, this process typically takes 7 days. "In-Service" must be taken before hardships. Please contact your vendor to learn more about the options available to access your retirement funds while you are an active employee. Accessing funds while employed will require you to complete forms and submit them to the vendor for approval. *This is meant to be a summary of options. Please refer to the Summary Plan Description for further information and the Plan Document will govern all administration of the plan.
At age 70, the Roth may be moved to a Roth IRA, deferred or distributed. Contact your vendor(s) for more information about your options. Plan Information DocumentsEmory University BenefitsHours of Operation:
Monday through Friday from 8:00 a.m. to 5:00 p.m. DisclaimerEmory reserves the right to terminate, suspend, withdraw, amend or modify the Plan in whole or in part at any time. Further, Emory reserves the right to terminate or modify coverage for any group of employees, active or retired and their dependents or a class of dependents at any time.
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