about participation - SPU 401(a) Pension Plan
|Am I eligible
to participate in the pension plan?
If you are employed
by the University, you will be eligible to participate in the Plan at
the time described in Section 3.2, unless you are adjunct faculty, a
student enrolled at the University or a Leased Employee. Adjunct
faculty, students and Leased Employees are not eligible to participate
in the Plan.
If you are an eligible
employee, you will begin participating in the Plan on the Entry Date
immediately following the date on which you complete one Year of Service,
provided you are at least age 21 as of that date. Entry Dates are July
1, October 1, January 1 and April 1.
can I participate if I leave SPU and later return?
you are an eligible employee, you will be eligible to participate at
the following applicable time:
If you were a participant when you terminated your employment and you
are rehired as an eligible employee, you will become a participant in
the Plan on your Date of Reemployment provided your prior Years of Service
are not disregarded as described below.
If you had not met the Plan's eligibility requirements when you terminated
your employment, or if your prior Years of Service are disregarded as
described below, you will become a participant on the Entry Date on
which you complete the eligibility requirements, provided that you are
an eligible employee as of such date.
prior Years of Service will be disregarded for eligibility purposes
if you were 0% vested in your Retirement Account at the time of your
earlier termination of employment and the number of consecutive One-Year
Breaks in Service that you incur before you are reemployed by the University
equals or exceeds the greater of five or your total Years of Service
with the University.
happens in the event of my death?
If you die while
you are employed by the University, your Accounts will be 100% vested,
and your beneficiary will be entitled to the full amount in your Accounts.
If you die following your termination of employment, but before your
vested Account balances commence to be distributed, your beneficiary
will be entitled to your vested Account balances. If you die after your
benefit has been distributed or has commenced to be distributed, your
beneficiary will be entitled only to such benefits, if any, as may be
provided under the form of distribution you elected. For example, if
you elected installments, any remaining installments will continue to