Common use of 403(b) Plan Clause in Contracts

403(b) Plan. 1) The University shall continue The University of Maine System Basic Retirement Plan for Classified Employees for unit members. Beginning as soon as practicable after ratification of the 2021-2023 collective bargaining agreement, contribution rates shall be as follows: a) University share 10% of unit member’s annual base salary b) Unit member’s share 4% of unit member’s annual base salary TOTAL 14% of unit member’s annual base salary 2) Participating unit members shall make contributions in specific dollar amounts or whole number percentages. Basic Plan Providers shall administer payroll deducted funds which shall be remitted by the University once monthly. 3) The University of Maine System Retirement Plan for Classified Employees shall consist of a single record keeper whose rules of participations have been mutually agreed upon by the parties. 4) Unit members participating in the University of Maine System Basic Retirement Plan for Classified Employees as of December 31, 2009 upon separation from University service, shall, at any age, have the option to withdraw one hundred percent (100%) of their defined contribution retirement plan accumulation, subject to vendor and Internal Revenue Service regulations. 5) Unit members initially employed on or after January 1, 2010 shall have a four (4) year period from the date of eligibility to participate in the University of Maine System Basic Retirement Plan for Classified Employees for the purpose of vesting the University of Maine System’s retirement contribution. Unit members employed on or after January 1, 2010 who leave University service, unless the vesting period is satisfied, have no right to ownership of any funds contributed by the University of Maine System or any right to otherwise use those funds in any fashion. Upon separation of the unit member prior to completion of four (4) years of continuous, regular service from the date of eligibility to participate in the retirement plan, University contributions shall revert to the University. 6) Unit members initially employed on or after January 1, 2013 shall have a five (5) year period from the date of eligibility to participate in the University of Maine System Basic Retirement Plan for Classified Employees for the purpose of vesting the University of Maine System’s retirement contribution. Unit members employed on or after January 1, 2013 who leave University service, unless the vesting period is satisfied, have no right to ownership of any funds contributed by the University of Maine System or any right to otherwise use those funds in any fashion. Upon separation of the unit member prior to five (5) years of continuous, regular service from the date of eligibility to participate in the retirement plan, University contributions shall revert to the University. 7) Unit members who are initially employed on or after January 1, 2010 and who are subject to the vesting period described in Section 4.b or 4.c, upon separation from University service, shall, at any age, have the option to withdraw one hundred percent (100%) of their employee contributions and related earnings to the defined contribution retirement plan accumulation, subject to vendor and Internal Revenue Service regulations. Such unit members may withdraw employer contributions and earnings on those amounts only after the completion of the vesting period.