Retirement Savings Account “Fin-formation”

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Presentation transcript:

Retirement Savings Account “Fin-formation” Eligible employees working 19.2 hours or more per week can contribute to a Safe Harbor 401k with matching contributions up to 10% after one (1) year of employment at NSU! Employee contributes 0% Employee contributes 1% Employee contributes 2% Employee contributes 3% Employee contributes 4% There are two investment providers at NSU, TIAA and Valic. Employees can enroll or make changes to contributions, schedule individual advisory sessions, and access valuable financial education by visiting the Retirement Plans section of the Benefits website at www.nova.edu/hr/benefits/retirement-plans Enrollment Instructions

If employees contribute 0% after 1 year… Home Employee contribution is 0% + NSU basic contribution of 2% + NSU Safe Harbor Match of NSU additional match of 0% = Total NSU contribution 2% 1% 2% 3% 4% 2% (vested after 3 years) TOTAL RETIREMENT SAVINGS

If employees contribute 1% after 1 year… 0% Employee contribution is 1% + NSU basic contribution of 2% + NSU Safe Harbor Match of NSU additional match of 1% = Total NSU contribution 4% Home 2% 3% (vested after 3 years) 4% 5% (vested immediately) (vested after 3 years) TOTAL RETIREMENT SAVINGS (vested immediately)

If employees contribute 2% after 1 year… contribution is 2% + NSU basic contribution of NSU Safe Harbor Match of NSU additional match of 2% = Total NSU contribution 6% 8% If employees contribute 2% after 1 year… 0% 1% Home 3% (vested after 3 years) 4% (vested immediately) (vested after 3 years) TOTAL RETIREMENT SAVINGS (vested immediately)

If employees contribute 3% after 1 year… 0% Employee contribution is 3% + NSU basic contribution of 2% + NSU Safe Harbor Match of NSU additional match of 3% = Total NSU contribution 8% 1% 2% Home (vested after 3 years) 4% 11% (vested immediately) (vested after 3 years) TOTAL RETIREMENT SAVINGS (vested immediately)

If employees contribute 4% after 1 year… 0% Employee contribution is 4% + NSU basic contribution of 2% + NSU Safe Harbor Match of NSU additional match of 4% = Total NSU contribution 10% 1% 2% 3% (vested after 3 years) Home 14% (vested immediately) (vested after 3 years) TOTAL RETIREMENT SAVINGS (vested immediately)