Vesting

Participants hired prior to July 1, 2011, are immediately 100% vested in the 403(b) Plan.

New Participants hired on or after July 1, 2011 are subject to a three year cliff Vesting schedule, in addition to the one year waiting period to establish eligibility to receive University Contributions.  Employees who are eligible to waive the one year waiting period, may receive credit toward the three year Vesting period for any retirement eligible years of service at an immediate preceding eligible Employer.

If a Participant subject to the Vesting schedule terminates employment prior to becoming fully Vested, all Employer contributions and earnings will be forfeited upon termination.