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Policy 2.8.7
Policy 2.8.7
Policy and Procedures Manual
Classification Number: 2.8.7
Reviewed: August 14, 2017
SUBJECT: EMPLOYEE RETIREMENT ACCOUNTS
Incorporated into the university's full-time employee benefit structure is a contribution to an adopted retirement program. It is the intent of the university that all full-time employees utilize this option as a means of financially planning for retirement.
The 403(b) plan is administered by GuideStone Financial Resources. Employee contributions up to the legal limit are on a pre-tax basis. The university will match employee contributions up to 6% of salary.
University contributions are vested (owned by the employee) immediately. The account was initiated to assist employees in providing retirement income, and the original plan stipulated that funds could not be withdrawn until termination of employment or retirement.
A 2006 revision in the retirement plan adoption agreement provides a loan option for Wayland employees. Loans are permitted subject to policies and procedures adopted by GuideStone Financial Resources. Representatives of GuideStone Financial Resources will provide information, relevant facts and calculations upon request.
The provision of employee retirement benefits is subject to annual budgetary allocations and may be revised as necessary.
Contact for Interpretation: Chief Financial Officer
This policy statement supersedes all previous policy statements on this subject.
Revisions:
- 08/14/2017 - Reviewed
- 03/12/2007 - Reviewed
- 10/26/2006 - Revised and Reviewed - 08/15/2004 - Reviewed
- 05/15/2004 - Reissued as policy 2.8.7
- 03/27/1997 - Reviewed
- 12/15/1995 - Inception of policy 2.4.9.2
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