The Drury University 403(b) Retirement Plan is a defined contribution plan that operates under Section 403(b) of the Internal Revenue Code (IRC). The purpose of the Plan is to provide retirement benefits for participating employees.
All employees of the University are eligible to participate in the Plan, excluding students, independent contractors, or employees who work fewer than 1,000 hours of service in a plan year. The plan year runs from June 1 each year through May 31 of the following year.
If you are an eligible employee, you may, on a voluntary basis begin participation in this Plan on the first day of the month following employment at the University or on the first day of any following month after you complete the enrollment forms. Enrollment forms must be completed and returned to the Human Resources Department.
When you begin participation in the Plan, the amounts you elect to contribute will be withheld from your pay and deposited to the funding vehicles that you selected on your enrollment application. The contributions are based on a percentage that you select in the Salary Reduction Agreement provided with the enrollment forms. The University will match the percentage up to 6% of compensation each pay period. Compensation means the employee’s W-2 wages.
You may terminate your salary reduction agreement at any time.
The employee is fully vested at the time he/she contributes to the plan.