Retirement Plan Information Update
Pacific University recently consolidated its amended and restated Section 403 (b) retirement plan for employees into one document.
Employees may start contributing to their retirement from their first pay date, and become eligible for the employer contribution part of the plan following the completion of 12 consecutive months in a calendar year during which they complete 1,000 or more hours of service. Years of service with an eligible employer, including any educational organization that meets the eligibility requirements of IRS Code Section 403 (b) during the 12 month period immediately preceding the eligible employee’s date of hire, will be counted for the purposes of meeting these participation requirements.
The retirement plan is a defined contribution plan with the employee's choice of TIAA or VALIC as vendors. Contributions are invested at the direction of each employee in any of the funding vehicles available under the plans.
If you have any questions or concerns after reviewing the plan, please contact the Office of Human Resources.