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Policy # 5.35 SOUTHERN UTAH UNIVERSITY Date Approved: 07/27/90 Policies and Procedures Date Amended: 03/22/07 Page 1 of 2 SUBJECT: 401a RETIREMENT PLAN AND OPTIONS I. PURPOSE … … To describe the University’s 401a defined contribution, retirement plan and its options, and establish guidelines. II. POLICY: A. The University 401a retirement plan is a defined contribution retirement plan for faculty, professional staff and executive staff employees. The investment and retirement options are determined by the Utah Board of …
A. The University 401(a) plan is a defined contribution retirement plan for faculty, professional staff and executive staff employees. The investment and retirement options are determined by the Utah Board of Regents, the University, and the retirement companies and are made available to employees to the extent authorized by the University. B. Retirement investment information is available from the Human Resources Office or directly from the individual retirement companies. C. The pay out options at retirement or separation from service are governed by the following guidelines: 1. All employees and former employees shall have equal access to the cashability option. 2. Terminating employees may opt for the lump sum withdrawal option regardless of their age. However distributions prior to age 59 ½ may be subject to a 10 percent IRS early withdrawal penalty. D. General guidelines apply to the implementation of the retirement program and investment options. 1. Authorization by the Board of Regents or the University for eligible employees to select any available option does not imply endorsement by the Board of Regents or the University. 2. The University shall provide information to employees on retirement or investment options.