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Human Resources

Core Retirement Plan (403b)

Summary:

A Denison-funded defined contribution retirement plan.

Carriers:

Plan Number:

0002

Eligibility:

Faculty, Administrative Staff, and Supportive Operating Staff are eligible to participate in this retirement plan on the first day of the month after completing one (1) 'year of service' at the University and attaining age 21. Consult your summary plan description for a definition of 'year of service.'

Note: All eligible employees who own fully vested and fully funded retirement annuity contracts under the terms of a plan of an organization that is eligible to maintain a section 403(b) plan may participate in the plan on the first day of the month following employment or reemployment.

Employee Cost:

None. Denison contributes the full amount to this program.

Benefit:

Denison will contribute 10% of regular salary within the social security wage base and 15% of regular salary above the social security wage base.

For members of the faculty and administrative staff receiving salary checks from the University on or before August 31, 1974, Denison will contribute 15% of all regular salary.

The purpose of this program is to accrue funds, tax deferred, for use in retirement. There are many forms of benefit at retirement age. Please contact Jim Ables at ext. 6239 in the Office of Human Resources for an explanation of benefit options at retirement.

Notes:

The Office of Human Resources arranges for the carriers to visit Denison's campus at least once per year. You are encouraged to meet and visit with the carrier representatives to learn more about your investment options.

This plan has been described here in a general manner. Your benefits are more fully described in the Plan document. In the case of a conflict or omission, the provisions of the Plan document will govern.