For each Plan Year in which you are a participant and in which you have a Year of Participation, the University will make a Retirement Contribution to the Plan for your benefit equal to

• 9% of your Compensation for the Plan Year, plus
• 5.7% of your Compensation in excess of the Social Security Wage Base in effect at the beginning of the Plan Year.

You will have a Year of Participation when the University has determined that you have completed, or will complete in such Plan Year at least 1,000 Hours of Service (750 Hours of Service if your service is not credited on the basis of actual hours worked).

Example:
Jane's compensation for the Plan Year ending June 30, 2003 is 90,000. The University will make the following contribution to Jane's Retirement Account:
9% of Jane's total compensation	= $8,100 (.09 x $90,000)
5.7% of Jane's excess compensation	= $290.70 ($90,000 -$84,900)($5,100 x .057)
Total Contribution	$8,390.70

The University will calculate and make its contribution to the trust fund (via the funding vehicles you have selected) each month, based on your Compensation paid during that month. Such contributions will begin in the Plan Year when the University has determined that you have met or will meet the requirements for a Year of Participation described above. Any part of such contributions for a Plan Year that are not contributed prior to making this determination will be included in contributions made for that Plan Year after the determination.

You will receive a statement from each Fund Sponsor reflecting the value of your Accounts held by that Fund Sponsor after the end of each calendar quarter. You will also receive quarterly reports from each Fund Sponsor summarizing the transactions related to your Accounts.

With the approval of the Plan Administrator, a Fund Sponsor may accept a rollover of your distribution from a prior employer's Eligible Employer Plan or from a "conduit rollover IRA." Conduit rollover IRAs include only amounts from another Eligible Employer Plan. You make rollover contributions through either a direct rollover or a 60 day rollover:

• Direct rollover - Your prior employer's Eligible Employer Plan or IRA provider must make your distribution check payable directly to the Trustee.
• 60-day rollover - You must make this rollover contribution within 60 days after you receive payment from the Eligible Employer Plan or conduit rollover IRA. When the distribution is initially made directly to you, 20% of the total amount is withheld for federal income tax. You may add the equivalent of this 20% to your rollover amount. You can recover the 20% federal tax withholding when you file your income tax return.

In both cases, you must submit proof that the rollover is from an Eligible Employer Plan or conduit rollover IRA.

Note: After-tax contributions may not be rolled from an IRA to the Plan. You should consult your tax advisor to determine whether a Rollover Contribution is in your best interest.

Your Rollover Contribution will be placed in a separate account called your Rollover Account. Amounts in this Account will be distributed at the same time as your other Plan benefits are distributed. You may also request a distribution of all or a portion of your Rollover Account not more than one time per Plan Year, provided your spouse, if any, consents to the withdrawal.