5.20 403(b) Retirement Plan

Purpose

To provide a way for employees to defer income to be used upon retirement.

Scope

All full and part-time faculty and staff, and adjunct faculty of Rochester University.

Policy

Upon hire employees may choose to defer income into the university sponsored 403(b) retirement plan. All deferrals are made on a pre-tax basis. Rochester University determines plan options and funds; participation is voluntary. Employees may enroll or make changes to the 403(b) plan at any time throughout the year; waiting until the annual open enrollment for the group medical plans is not required. Employees are fully vested in the plan upon enrollment.