Common use of Multiple Option Retirement Program Clause in Contracts

Multiple Option Retirement Program. The Employer shall provide all full-time employees who have completed two (2) or more years of service the option of participating in the Multiple Option Retirement Program. Two tax-deferred retirement plans are available in the program: TIAA and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services. Employees may enroll in the program within sixty (60) days of the completion of two (2) or more years of such service, or at any time thereafter. However, participation cannot be made retroactive. A. The Employer’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The Employer does not guarantee a return of principal or earnings on investments. For employees hired prior to January 1, 2015, the Employer shall contribute thirteen percent (13%) of each participating employee's base salary on a monthly basis. For employees hired on or after January 1, 2015, the following contribution levels will apply: • If the employee contributes zero percent (0%) of base pay, the University will make a ten percent (10%) of base pay contribution; • If the employee contributes three percent (3%) of base pay, the University will make a thirteen percent (13%) of base pay contribution.

Multiple Option Retirement Program. The Employer shall provide all full-time employees who have completed two (2) or more years of service the option of participating in the Multiple Option Retirement Program. Two tax-deferred retirement plans are available in the program: TIAA and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services. Employees may enroll in the program within sixty (60) days of the completion of two (2) or more years of such service, or at any time thereafter. However, participation cannot be made retroactive. A. The Employer’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The Employer does not guarantee a return of principal or earnings on investments. For employees hired prior to January 1, 2015, the Employer shall contribute thirteen percent (13%) of each participating employee's base salary on a monthly basis. For employees hired on or after January 1, 2015, the following contribution levels will apply: • If the employee contributes zero percent (0%) of base pay, the University will make a ten percent (10%) of base pay contribution; • If the employee contributes three percent (3%) of base pay, the University will make a thirteen percent (13%) of base pay contribution.