The Drury University 457(b) Deferred Compensation Plan is a plan that operates under Section 457 of the Internal Revenue Code (IRC). The purpose of the Plan is to provide deferred compensation primarily for a select group of management and highly complensated employees covered under the Plan.
Employees of the University, excluding independent contractors and trustees, with compensation greater than $100,000 are eligible to participate in the Plan. For purposes of eligibility, compensation is defined as appointment or contract amount.
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.
Your salary reduction agreement may be terminated at any time.
The employee is fully vested at the time he/she contributes to the plan.