Your Employer offers eligible "Full-Time Regular" and "Part-Time Regular" employees the opportunity to participate in either a 401(k) or 403(b) retirement plan, providing employees the potential for financial security in retirement. Beginning on the first day of employment, an employee may choose to begin Elective Deferral Contributions. You may be eligible to receive Employer Matching Contributions (if applicable); check with your HR representative to confirm whether your employer is currently matching employee contributions. If the employer does match, the match will occur the first pay period following completion of enrollment in the Retirement Plan, or as soon as it is administratively feasible. Your contributions to the Plan are fully vested at all times.
RETIREMENT PLAN PARTICIPATION CRITERIA
To be eligible to participate in one of these plans:
- The employee must be classified as a "Regular Full-Time "or "Regular Part-Time" employee
- Employee must be at least 21 years or older
Once an employee decides to participate, they may self-enroll on-line at www.nationwide.com . It is the employee's responsibility to ensure this activity occurs. Contributions to the Ave Maria 401 (k) Retirement Plan will not take effect until all of the following steps are completed:
- The employee needs to complete and sign the Receipt of Retirement Materials Acknowledgement, and return this completed form to Human Resources.
- The employee has completed the online enrollment process.
- The employee has completed and signed the Salary Reduction form, stating the percent of salary or set dollar amount to be deducted from their bi-weekly paycheck, and returned this completed form to Human Resources. A participant may increase or decrease the Elective Salary Deferral once per month as provided in the Plan, or may cease contributions. The date of this election will become effective with the following pay period, or as soon as is administratively feasible. You may terminate your election at any time.
- The employee has completed and signed the Beneficiary form, listing primary and alternate beneficiaries, and returned this completed form to Human Resources.
Employee contributions to the Traditional 401(k) and 403(b) plans are automatically deducted from your pay before federal and state tax are withheld, thereby reducing the amount of taxes deducted bi-weekly from your paycheck. While the amounts deducted generally will be taxed when they are finally distributed, favorable tax rules typically apply to 401(k) and 403(b) when distributions are taken. Roth 401(k) plans are deducted after you pay federal and state tax. After age 59 1/2, distributions from your Roth 401 (k) are not subject to taxation.
In the event you have questions regarding your eligibility, the enrollment process, etc., please contact Human Resources for more information. Please note that Human Resources representatives cannot advise employees on investment options as they are not licensed to do so.
Questions regarding developing a portfolio, fund activities, and viability must be addressed to the appropriate retirement plan advisor, Chris Burke, at LoVasco Consulting Group, 313.394.1717.
RETIREMENT PLAN PRESENTATION
This presentation provides an excellent overview of the advantages and benefits you receive from retirement planning, along with explaining the differences between Traditional and Roth 401(k) investing . Please click on the link below to review the 401(k) presentation.
RETIREMENT PLAN INFORMATION FOR 401 (K) AND 403 (B)
Ave Maria Foundation/University 401(k) Plan
Nationwide, CBIZ, and LoVasco Consulting Group
- Employee Bulletin, 401 (k) Plan, 401(k) Plan, Nationwide Platform Conversion eff. 11/9/18
- Ave Maria 401(k) Plan Document Amended 10/1/2016
- Brief Summary of Amendments to the Plan
- 401(k) Plan Summary Material Modifications Oct. 2016
- Summary Material Modifications; re: Match
- Fee Disclosure - Case #637-80031
- CBIZ Third Party Administrator Charges
- Summary Material Modifications
- 401(k) Summary Annual Report - Plan Year 2017
Ave Maria University 403(b) Plan Information
Nationwide, LoVasco Consulting Group, and TIAA
- Summary Plan Description
- Employee Bulletin 403(b) Plan, Nationwide Platform Conversion eff. 12/4/2018
- Brief Summary of Amendments to the Plan
- AMU Summary Material Modifications; re: Match
- Summary Material Modifications,Change Trustee, March 2015
- 10th Amendment to AMU 403(b) Plan - Eff. 11/15/16
- Summary Material Modifications,No 6mo wait,add Roth 11/15
- Fee Disclosure - Case #637-80030
- Fee Disclosure Statement - 1/4/17 - Nationwide Fee Reversal
- CBIZ Supplemental Notice to 403(b) Participants Plan 2018
- 403(b) Summary Annual Report - Plan Year 2017
2019 IRS 401 (k) Contribution Limits
- Beginning in January 2019, you may contribute as much as $19,000 per calendar year to your retirement plan account.
- If you are 50 years old or older, you may also arrange for catch-up contributions, currently limited to $6,000 per calendar year.
- Total contribution limit for an employee 50 years old or more is as follows:
$19,000 (contribution limit) + $6,000 (catch-up contribution limit) = $25,000 (total retirement plan contribution)
Retirement Plan Distributions
As provided in the Plan, you may not take a distribution from your account until you separate from service, attain age 59½, attain normal retirement age, are disabled, die, or in the case of hardship, you must meet the criteria of both and have an immediate financial need. The Plan does make provisions for employee loans; however, the employee must contact the appropriate vendor; i.e. CBIZ or TIAA.
RETIREMENT PLAN ADMINISTRATOR
Becky Zmuda , HR Director
RETIREMENT PLAN ENROLLMENT
Gloria Jancar, HR Generalist
RETIREMENT PLAN REPRESENTATIVE & FINANCIAL ADVISOR, 401(k) and 403(b)
Chris Burke, JD, CFP®, AIF®
VP Retirement Plan Advisory Services
Lovasco Consulting Group
One Woodward Avenue, Suite 1500 Detroit, MI 48226
PLAN REPRESENTATIVE FOR 403(b)
TIAA Customer Service
FORMS, 401 (k)
- Beneficiary Designation Form 401(k)
- Confirmation Receipt, Retirement Plan Materials 401 (k) Plan, 2019
- Salary Reduction Agreement , 401(k)
FORMS, 403 (b)
AVE MARIA UNIVERSITY
- Beneficiary Designation Form, 403(b)
- AMU 403(b) Salary Reduction Agreement