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Retiree Medical Savings Benefit for Benefits-eligible Employees Hired on or After July 1, 2009

The Benefit

New hires in benefits-eligible positions who contribute to a Supplemental Retirement Account (SRA) will receive a matching contribution intended to help defray the cost of medical coverage in retirement. The matching contribution cap is $3,000 and eligibility for matching dollars continues for six years from the date of hire.

How It Works

Benefits-eligible employees, hired on or after July 1, 2009, must log on to FlexOnline and designate a SRA contribution amount. Then, for each pay period in which the employee maintains an election, he will receive a contribution to his 401(a) Defined Contribution retirement account that matches the amount he contributes to his SRA, up to a total matching contribution of $3,000. Employees are highly encouraged to continue contributing to their SRA accounts in the months and years after they have received the full $3,000 matching contribution.

College matching contributions will be proportionately distributed consistent with the employee's designated 401(a) investment directions (i.e. contributions will be allocated to selected mutual funds at the same percentages as the employee has designated for investment of the College's 3-5-10% age-based 401(a) contributions).

The College's 3-5-10% age-based retirement contribution is made to the same 401(a) Defined Contribution account in addition to this matching contribution.

Employees hired into benefits-eligible positions prior to July 1, 2009, are not eligible for this benefit.

Last Updated: 10/8/09