The Academy of Natural Sciences of Drexel University Retirement Plan
The Academy’s retirement plan is a defined contribution plan that operates under §403(b) of the Code, under which employees of tax-exempt organizations can enter into salary reduction agreements with their employers.
If you are hired on or after July 1, 2011, you will automatically be deemed to have elected to make Before-Tax Contributions equal to 2% of your compensation unless you elect a different contribution amount or elect not to contribute. If you are eligible to make Before-Tax contributions to the Plan, you will also be eligible to receive Matching Contributions, provided you have reached the first anniversary of your date of hire by the Academy and you are at least age 21. Currently the match is limited to 2%. The match is made only once per calendar year and you must be employed on that date to receive the matching contribution. Please note that if you choose NOT to contribute to the Plan you must do so within your first 31 days of employment, otherwise auto-enrollment will commence.
Retirement Plan Provider
Conrad Siegel Actuaries
General Counseling: 800-577-3675
Retirement Plan Forms and Information
Who is eligible to participate?
Only common-law employees of the Academy are eligible to participate in the Plan. Leased employees and other individuals who are classified by the Academy as independent contractors or in any other category which is not a common-law employee, as reflected in the official payroll and personnel records of the Academy, are not eligible to participate in the Plan.
What are the Matching Contributions?
Matching Contributions will be based on the compensation you receive after you become eligible for Matching Contributions. The Academy will determine each Plan Year, in its sole discretion, the total amount to be contributed to the Plan as Matching Contributions, and will also determine how the Matching Contributions will be allocated among eligible participants.
However, you will only receive an allocation of Matching Contributions for a Plan Year if you have made Before-Tax Contributions for that Plan Year. (Also, the amount of Matching Contributions may be determined based on the amount of your Before-Tax Contributions for the Plan Year.) Your Matching Contributions are 100% vested when they are allocated to your account.
Questions or concerns regarding enrollment or changes in The Plan can be directed to Conrad Siegel Actuaries at 800-577-3675. You can also reach out to Kristin McCarthy at 215-895-4985 (firstname.lastname@example.org).