Stop/change employee contributions
You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to your employer's plan provision. In the meantime, your account will continue to grow on a tax-deferred basis. Allow one month's notice for processing.
Employer contributions
Basic
When you meet eligibility requirements, your employer will contribute an amount equal to 2% of your compensation.
Matching
When you meet eligibility requirements, a matching contribution shall be made based on the amount of your elective deferrals during the year.
The maximum matching contribution made by Nova Southeastern University shall not exceed 10% of a participant’s compensation for any plan year.
Vesting
Employee contribution vesting
You are always 100% vested in your own contributions.
Employer basic and matching contributions vesting
The first employer nonelective contribution is 100% vested. Any other employer nonelective contribution will become vested in accordance with the following schedule:
Vesting schedule
Years of Service | Vesting Percentage |
---|
1 | 0% |
2 | 0% |
3 | 100% |
In addition to years of service with Nova Southeastern University, years of service with Museum of Art, Inc. will count for purposes of vesting.