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Elective deferrals

Unless you fall into one of the categories of excluded employees, you will be able to contribute a portion of your pay into the Plan as a pre-tax deferral as soon as administratively feasible after your hire date.

Employee contributions

With the exception of excluded employees, all employees are eligible to participate in the plan.

A student enrolled and attending classes offered by the University is an excluded employee. 

Employer matched contributions

With the exception of excluded employees, all employees are eligible to participate in the plan after following service requirements: 

• Nonaligned (including all School of Law employees) — No years of eligibility service required
• Roger Williams University Faculty Association — No years of eligibility service required
• Professional Support Staff Association — 2 years of service
• Facilities Management Union — 2 years of service
• Public Safety Officers Association — 2 years of service
• Dining Union — 2 years of service

The following employees are excluded from employer matched eligibility:

• Adjunct faculty
• A student enrolled and attending classes offered by the University.
• An employee under 18 years of age 

Employer contributions

After meeting the plan’s eligibility requirements (above-referenced age and service requirements), those eligible employees scheduled to work at least 1000 hours per year shall be eligible for Matching Contributions immediately. 

Those eligible employees not scheduled to work at least 1000 hours per year but who do complete at least 1000 hours of service in an Eligibility Computation Period, shall be eligible for Matching Contributions upon January 1 or July 1 next following such Eligibility Computation Period.

Starting early has its advantages

Employee contributions

Catch-up contributions

Employer matching contributions

Your employer will match your contributions at an amount that is in the Roger Williams University Retirement Plan Summary Plan Description. Contributions that you receive from your employer will always be vested and cannot be forfeited, even if you terminate employment or become ineligible to participate in the plan. 

Vesting

Vesting is a participant’s right of ownership to the money in his or her plan account. 

You are always 100% vested in employee contributions, and rollover contributions, plus any earnings they generate.

Accessing your money before retirement

Withdrawals

You may always request a distribution of contributions you have received from your Employer upon termination of employment.  

You may request a distribution of Employee Contributions at the times listed below.

• You terminate employment

• You become disabled

• When you reach age 59½

You may request a distribution of the contributions you receive from your Employer at the times listed below, if they are invested in annuity contracts.

• You terminate employment

• You become disabled

Although the Plan is designed primarily to help you save for retirement, you may take a loan from the Plan, subject to the terms and restrictions in the Individual Agreements. Please review your annuity contracts or custodial agreements before requesting a loan. Contact your employer or Corebridge Financial Retirement Services if you have questions regarding your loan options.

Distribution options

Corebridge Financial Retirement Services offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on your employer’s plan provisions, your withdrawal options include:

• Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts rollovers

• Receiving systematic or partial withdrawals

• Taking a lump-sum distribution

• Choosing one of the many annuity options available

• Deferring distributions until a later date, allowing your account to continue to grow tax-deferred (Required Minimum Distributions apply)

Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal penalty may apply to distributions taken prior to attainment of age 59½.

Loans

The plan is intended to help you put aside money for your retirement. However, Roger Williams University has included a plan feature that enables you to access money from the plan.

• The amount the plan can loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000.

• The minimum loan amount is $1,000.

• All loans must generally be repaid within five years. A longer term may be available if the loan is to be used to purchase your principal residence.
  
  
• Log into Retirement Manager to confirm eligibility for a loan. 
  
  
• If Retirement Manager approves the loan eligibility, please log into your account to access the loan application and run a loan model.
  
  
• As of July 1, 2018, a participant in the plan may have up to five  loans open. However, if you have five or more open loans as of June 30, 2018, those loans may continue to be open after July 1, 2018 until they are paid.

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if the employee is under age 59½. 

Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your  financial professional. Refer to the Summary Plan Description for more details about this participant loan feature.