III. 307 - Retirement Plan
Drury University provides a defined contribution retirement plan for employees, excluding students and excluding employees who work fewer than 1,000 hours of service in a plan year (June 1 through May 31).
Retirement plan participation may begin on the first of the month following the date of hire, or any subsequent month. Participation in the plan may continue until the employee ceases contributions, terminates employment or otherwise ceases to be eligible. The plan is subject to modification or cancellation by the university at any time in its discretion.
To participate in the plan the employee must agree to have a percentage of the employee’s compensation (W-2 wages, excluding bonus and overtime) withheld and paid to the plan as salary reduction contributions. Each pay period the university will match the percentage selected by the employee up to 6% of the employee’s compensation. The total contributions cannot exceed the limit imposed by the Internal Revenue Code. Plan participants are fully vested in the benefits arising from contributions made under the plan.
Details of the retirement plan, including benefit amounts, limitations, and restrictions are described in the Summary Plan Description provided to all eligible employees. View a copy of the retirement plan summary plan description. Contact the Human Resources Department for more information about the plan benefits.