- Home
- /
- Finance and Administration
- /
- Retirement Plan and Trust
- /
°µÍø³Ô¹Ï College Retirement Plan and Trust
°µÍø³Ô¹Ï College initiated the °µÍø³Ô¹Ï College Employee Retirement Plan and Trust in 1976 to help employees save for retirement. °µÍø³Ô¹Ï College employees are eligible to participate in the Plan after completion of one year of full-time employment at °µÍø³Ô¹Ï College. Plan entry dates are March 1st and September 1st each year.
°µÍø³Ô¹Ï College employees contribute five percent (5%) of their salary to the Plan, and °µÍø³Ô¹Ï College matches that with an additional eight percent (8%). The Retirement Plan funds are invested in stocks and bonds through Community National Bank and Trust. Individual statements are delivered to participants twice per year.
Employee contributions are always 100% vested and the college match follows the vesting schedule shown below:
Vesting Schedule for Employer Contributions
|
Full Year of Participation in Plan |
Vested Percent |
|
LESS THAN 1 YEAR |
0% |
|
1 YEAR BUT LESS THAN 2 |
20% |
|
2 YEARS BUT LESS THAN 3 |
40% |
|
3 YEARS BUT LESS THAN 4 |
60% |
|
4 YEARS BUT LESS THAN 5 |
80% |
|
5 YEARS OR MORE |
100% |
We want to encourage new plan participation, but we also want to point out that current employees who participate in the Retirement Plan may also request distributions of their employee-contributed funds (for a $100 processing fee), make address or beneficiary changes, or even discontinue contributions during these two intervals per year.
The °µÍø³Ô¹Ï College Retirement Plan and Trust Summary opens to a Portable Document Format (PDF). You will need the free plugin to view the files.
