ST. JOHN FISHER COLLEGE RETIREMENT PLAN. Summary Plan Description January 1, 2009
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1 ST. JOHN FISHER COLLEGE RETIREMENT PLAN Summary Plan Description January 1, 2009 (reissued August 2010)
2 Table of Contents Introduction... i Important Information about the Plan...ii Joining the Plan... 1 Contributions to the Plan... 2 Managing Your Account... 4 Ownership of Your Account (Vesting)... 5 Loans... 5 In-Service Withdrawals... 7 Benefits... 7 Taxes on Distributions... 8 Claim Procedures... 9 Legal Rights Additional Information... 12
3 Introduction The St. John Fisher College Retirement Plan (the Plan ) was established as of September 1, 1968 to provide greater financial security for you and your family. The Plan is a 403(b) Tax Deferred Annuity Plan. It has been established to help you provide for your future financial security by making pre-tax contributions from your compensation. In addition, many employees who make pre-tax contributions will be eligible for additional contributions from St. John Fisher College (the College ). The Pension Benefit Guaranty Corporation does not insure this type of plan. This Summary Plan Description, or SPD, explains how the Plan works for eligible employees who are on the staff employee payroll. This SPD is only a summary of your benefits and rights under the Plan as it was amended effective as of January 1, It is important that you understand that it cannot cover all of the details of the Plan or how the rules of the Plan apply to every person, in every situation. You can find the specific rules of the Plan in the Plan document, which you may request from the Plan Administrator. Every effort has been made to accurately describe the Plan. If you find a difference between the information in this SPD and the information in the Plan document, your benefits will be determined based on the information found in the Plan document. If in reading this SPD or the Plan document you find you have questions concerning your benefits under the Plan, please contact the Plan Administrator.
4 - ii - Important Information about the Plan Plan Sponsor: Plan Name: St. John Fisher College 3690 East Avenue Rochester, NY (585) EIN: St. John Fisher College Retirement Plan Plan Number: 001 Plan Year: January 1 - December 31 Plan Administrator: Agent for Service of Legal Process: Plan Funding and Funding Agents: Fund Sponsors: Retirement Plan Committee St. John Fisher College 3690 East Avenue Rochester, NY (585) Plan Committee St. John Fisher College 3690 East Avenue Rochester, NY The Plan is funded with Elective Deferrals and College Contributions. Funding arrangements include group annuity contracts and custodial accounts through TIAA-CREF and First Mercantile. You can obtain more information about the Plan s investment alternatives by contacting the Fund Sponsors. First Mercantile 57 Germantown Court Cordova, TN TIAA-CREF 730 Third Avenue New York, NY Phone: (800) Type of Plan: 403(b) Plan
5 Joining the Plan May I join the Plan? All eligible employees of the College can begin contributing Elective Deferrals to the Plan starting on the first day of the month after their hire date if they have completed a valid enrollment form and salary reduction agreement. To be eligible for College Contributions, you must first obtain age 22 and: (a) be scheduled to complete 1,000 hours of service (750 hours of service for adjunct faculty members) during a calendar year, or (b) actually complete 1,000 hours of service (750 hours of service for adjunct faculty members) in the 12-month period beginning on your hire date or, if later, a calendar year beginning after your hire date. If you are an employee who is scheduled to work at least 1,000 hours (750 hours for adjunct faculty members), you will first be eligible for College Contributions on the date that is six months after your hire date. An exception to this six-month rule exists if you came directly to the College from another employer and participated in that employer s 403(b) plan. In that case, you do not have to wait six months to be eligible for College Contributions. Instead, you are eligible immediately. Hours of service are tracked under a series of rules set forth in the Plan, but generally speaking, you are credited an hour of service for each hour for which you are paid, or entitled to payment, by the College for the duties you perform. If you are an adjunct faculty member, the College tracks hours of service differently than for other employees. An employee who is an adjunct faculty member is credited with 50 hours of service for each credit hour he or she teaches and on no other basis and for no other reason. Also, for adjunct faculty members only, 750 hours of service will be treated as the equivalent of 1,000 hours of service for all Plan purposes If you are a rehired employee and you were previously a participant in the Plan, you may begin contributing Elective Deferrals to the Plan again by completing a valid enrollment form and salary reduction agreement. If you were previously eligible to receive College Contributions, you will retain your eligibility to receive College Contributions if you are rehired as an eligible employee and you are regularly scheduled to work at least 1,000 hours (750 hours for adjunct faculty members) during the plan year or you worked 1,000 or more hours (750 hours for adjunct faculty members) in the previous plan year. If you are rehired and you did not previously fulfill the requirements to be eligible for College Contributions, you must complete the initial eligibility requirements to receive them. Who cannot participate? You cannot participate in the Plan for any purpose if you are (1) an employee who is a student performing certain types of services; (2) an employee who is a nonresident alien with no income from sources within the United States; or (3) an employee who is eligible to participate in a 401(k) plan or another 403(b) plan of the College.
6 - 2 - What happens if I become an excluded employee? If you become an excluded employee, you will no longer be eligible to make Elective Deferrals or receive College Contributions. You will, however, still have the ability to manage your account and keep certain rights and benefits. How do I become a participant in the Plan? Once you are eligible to participate in the Plan, you may do so by completing an enrollment form and salary reduction agreement. Contact the Plan Administrator for the proper enrollment materials. If I am married, may I designate someone other than my spouse as the beneficiary of my account? Yes. You have the right to designate your beneficiary or beneficiaries at any time. However, if you are married, you may not designate a beneficiary other than your spouse unless both you and your spouse sign a written beneficiary designation that is witnessed by either a notary public or a Plan representative. Contributions to the Plan How much can I contribute to the Plan each year? The Federal government has placed a maximum limit on the amount of Elective Deferrals that you can make to the Plan each year, and the IRS adjusts this limit annually based on changes to the cost of living. Contact the Plan Administrator for information on what the current limit on Elective Deferrals is. Does the Plan allow catch-up contributions for employees over age 50? Yes. If you are over 50 or will be over 50 by the end of the year, you can contribute an additional amount to the Plan. This amount is not subject to the general limit on Elective Deferrals discussed in the question above, but is subject to a separate limit that the IRS adjusts each year based on the changes to the cost of living. Contact the Plan Administrator for information on what the current limit on catch-up contributions is. Does the Plan allow any other catch-up contributions? Yes. Regardless of your age, if you have at least 15 years of service with the College, you can make a Special 403(b) Catch-Up contribution. Using the Special 403(b) Catch-Up, you can contribute an additional amount of at least: (1) $3,000; (2) the excess of $15,000 over the total amount of Special 403(b) Catch-Up excluded from income in prior years, plus elective deferrals that are designated Roth contributions; or (3) the excess of $5,000 multiplied by your years of service with the College minus all Elective Deferrals to College plans in previous years.
7 - 3 - What contributions will the College make to the Plan? If you are eligible for College Contributions from the College, the amount that the College will contribute to the Plan on your behalf depends on what percentage of your compensation you choose to contribute to the Plan as Elective Deferrals, subject to the following schedule: Your Contribution College Contribution less than 2% of compensation 0% of compensation 2% or more of compensation 8% of compensation For purposes of calculating College Contributions, your compensation is determined in different ways, depending on the type of employee you are: Non-faculty- If you are an employee who is not a faculty member, your compensation is your base salary or wages, payments in lieu of earnings (like vacation or salary continuation), and pre-tax contributions that you choose to make to the College s benefit plans (for example, health and/or dependent care flexible spending account contributions and Elective Deferrals to the Plan). Full-time faculty members - If you are a full-time faculty member, your compensation is the amount set forth as base salary in your annual contact, excluding overloads. Part-time faculty members - If you are a part-time faculty member, your compensation is all contract-defined wages. Regardless of the type of employee you are, severance pay is never included in compensation. Further, amounts that you earn after you reach the maximum compensation permitted by the IRS for any calendar year are ignored for purposes of the Plan. This indexed maximum can change each year. Additionally, compensation you earn before becoming eligible for the Plan will be ignored in calculating the College Contribution. NOTE: The Internal Revenue Code and its regulations impose various rules and limitations on contributions that can be made to the Plan. Accordingly, the College s obligation to contribute to the Plan is subject to those rules and limitations. When will College Contributions be made? The College generally makes College Contributions on a payroll-by-payroll basis. If, however, you are not scheduled to work at least 1,000 hours per year (750 hours for adjunct faculty members), you will be entitled to receive a College Contribution during the following Plan year, but only if you work at least 1,000 hours of service (750 hours for adjunct faculty members) during the current Plan year. If I go on qualified military service leave, will the College make contributions to my account? If you go on qualified military service leave, when you return to work, the College may be required to contribute to your account College Contributions that would have been made on your behalf, had you not been absent due to the leave. Except for special circumstances, your military leave may not exceed five years and you must report to the College when your military service ends. Please contact the Plan Administrator for additional information.
8 - 4 - Managing Your Account Who decides how the money in my account is invested? You do. When you become eligible to participate in the Plan you may select from a variety of professionally managed investment funds. You will receive enrollment material that will include the following information for each fund: a description of the investment objectives; the risk and return characteristics; the type and diversification of the assets; and the investment manager. To help you make your selection, please call one of the Fund Sponsor s representatives. Investment education material will be made available to you. Once you decide how you would like your contributions invested, you will need to complete an investment election form. On this election form, you will indicate your choices and return it to the Plan Administrator who will forward it to the appropriate Fund Sponsor. Please note that your choices must be in whole percentages, and the College is not responsible for your investment decisions. How do I change the way my future contributions will be invested? You may change the way your contributions are invested by contacting your selected Fund Sponsor. May I transfer money among the different investment funds? Yes, you may transfer money among the various investment funds by contacting your selected Fund Sponsor. May I roll over amounts from another plan to the Plan? Yes. Subject to certain limitations, you can roll over all or any part of an amount from a qualified retirement plan, another 403(b) plan, a government 457(b) plan, or a conduit IRA. If you decide to roll over funds from another plan, you must do so within 60 days of the distribution from the other plan. May I transfer amounts from the Plan to another 403(b) plan? The Plan Administrator, in its discretion, may allow a class of participants and beneficiaries to elect to have all or a portion of their accounts transferred to another 403(b) plan as part of a plan-toplan transfer. These types of transfers are permitted only if the receiving plan allows such transfers.
9 - 5 - Ownership of Your Account (Vesting) What does vesting mean? Vesting refers to the portion of your account that you are entitled to receive when you terminate employment. You are 100% vested in all amounts contributed to the Plan. What if a Qualified Domestic Relations Order is issued against my account? Generally, your vested account, may not be sold, used as collateral for a loan outside the Plan, given away, or otherwise transferred. In addition, with certain limited exceptions (e.g., an IRS levy), your creditors may not interfere with your account in any way. An exception, however, to this general rule is called a qualified domestic relations order or QDRO. A QDRO is a decree or order issued by a court that makes you pay child support or alimony, or otherwise allocates a portion of your account, to your spouse, former spouse, child or other dependent. If a QDRO is received by the Plan Administrator, all or a portion of your benefits may be used to satisfy that order. The Plan Administrator will determine if the decree or order issued by the court meets the requirements of a QDRO. Participants and beneficiaries can obtain a description of the procedures for QDRO determinations at no charge from the Plan Administrator. Loans The following are procedures that generally apply to loans under the Plan, but the loan provisions may vary among Fund Sponsors. Please contact your Fund Sponsors or the Plan Administrator for information regarding specific loan provisions that may apply. How do I apply for a loan? You may apply for a loan by submitting a loan application in writing or electronic form to the Fund Sponsor. If you are married, your spouse will be required to give his/her written consent to the loan before a notary public or a Plan Representative. The loan application must be completed within 90 days before the loan is made. What is the maximum loan amount I may borrow? The amount of the Elective Deferrals in your account impacts the maximum amount you may borrow. You may borrow up to the lesser of 50% of the portion of your account comprising Elective Deferrals or $50,000. If you took out a loan in the previous 12 months, however, the amount of your highest outstanding loan balance will be deducted from the amount you are allowed to borrow. For example, if you are applying for a loan of $50,000 this year and you had a loan in the prior calendar year for $12,000, you would be allowed to borrow only $38,000. For the purposes of this limit, all plans of the College, including this Plan, are treated as one plan. How many loans can I have outstanding at one time? You may have only two loans outstanding at any one time.
10 - 6 - How is the interest rate determined for my loan? The Fund Sponsor may authorize an interest rate to be used at the time. How do I make loan repayments? You must repay the loan within the period specified by the Fund Sponsor in substantially equal payments (at least quarterly). The loan interest plus a portion of such payment attributable to principal will be credited back to your account. A loan repayment may not be treated as a new or current contribution to the plan. Can loan repayments be suspended? The Plan permits loans to be suspended for employees who: go on qualified military leave of absence. The suspension can be longer than one year and will not cause the loan to be treated as a taxable distribution, as long as (a) loan repayments resume upon completion of the qualified military service; (b) the payments resume in substantially level payments (may not be less than the original loan repayment amounts) and at a frequency not less than the frequency required under the terms of the loan; and; (c) the loan is fully paid by the end of the period equal to the original loan period plus the period of military leave; or go on authorized (non-military) leave of absence without pay from the College or at a rate of pay (after income and employment tax withholding) that is insufficient to cover loan repayments. Suspension may not exceed 1 year. The suspension will not cause the loan to be treated as a taxable distribution, as long as (a) repayments resume when you return to work; (b) the payments resume in substantially level payments (may not be less than the original loan repayment amounts; and (c) the loan is fully paid by the last date permitted under the Internal Revenue Code (e.g., the suspension of payments cannot extend the term of the loan beyond five (5) years, in the case of a loan that is not a home loan). Your entire loan will be in default if: you do not make a loan payment by the end of the calendar quarter following the quarter in which the payment was due (though if you do not make loan repayments due to qualified military service leave or due to an authorized non-military leave of absence, your loan will not be in default); if there is still an outstanding balance at the end of the loan s maturity date; you die; or a lien is made against the loan collateral (in this case, your loan balance). What happens if the Plan is frozen while I have an outstanding loan? If the Plan is frozen, you may continue to repay your loan. If you do not continue to repay the loan, the outstanding loan balance will be in default and reported to the IRS as a distribution from the Plan. This means that you will have to pay income taxes on the balance.
11 - 7 - What happens if my loan is defaulted? If your loan is defaulted, you will have to pay income taxes on your loan balance. In addition, if you are under age 59½ when the loan defaults, an additional 10% penalty tax may apply. NOTE: If your loan is defaulted while you are still employed and it is not repaid, the loan (including accrued interest) is still considered outstanding for purposes of determining the maximum new loan amount that you can receive. Example: If your defaulted loan balance is $50,000, you will not be permitted to take a new loan under the Plan until your loan balance is reduced. In-Service Withdrawals Can I withdraw my money before terminating employment? If the Fund Sponsor permits, you may withdraw all or a portion of your account after obtaining age 59 ½, even if you are still employed by the College. Can I receive a distribution if I encounter financial hardship? The Fund Sponsors may permit you to take a hardship withdrawal if you are under age 59 ½ and encounter financial hardship. Note, however, that the amount of any hardship withdrawal is limited to the total Elective Deferrals you have made as of the date of withdrawal, reduced by the amount of previous hardship withdrawals. There are specific rules that determine what a financial hardship is. Examples of financial hardship may include unusual medical expenses, the purchase of a home, or the cost of higher education. You should contact the Plan Administrator for more information on hardship withdrawals prior to submitting your request. When can I resume contributing to the Plan after I receive a hardship distribution? You cannot contribute to the Plan for at least six months after making a hardship withdrawal. Benefits When may I retire under the Plan? Your normal retirement date is your 65th birthday. When will I begin to receive benefits from the Plan? If you terminate service, you have the option of receiving the total vested value of your account at any time. The Plan is required by law to distribute your benefits no later than April 1st of the calendar year following the year in which you reach age 70½. However, if you are still working for the College at the time you reach age 70½, you can delay payment of your benefits until the April 1 of the calendar year following the year you retire.
12 - 8 - How will my account be paid to me? Unless otherwise provided by the Fund Sponsor, the automatic form of benefit under the Plan is a single lump sum. Alternatively, if permitted by the Fund Sponsor, you may elect to receive a distribution in periodic installments over a period not greater than or equal to your life expectancy. Does the Plan provide for death benefits? If you die before receiving benefits your account balance will be paid to your beneficiary. If you are married, at least 50% but not more than 100% of your account balance will be paid to your spouse unless your spouse waived spousal entitlement to receive retirement or survivor benefits in a writing witnessed by a Plan representative or a notary public. The percentage of your account balance that your spouse will receive is determined by the Fund Sponsor. What happens if I am not married and I do not have a beneficiary? If you fail to designate a beneficiary, if your beneficiary designation is not valid, or if your beneficiary fails to survive you, then your benefits will be paid to your spouse or your estate, in that order. To make a beneficiary designation, contact the Plan Administrator to request a beneficiary designation form. If I terminate employment with the College for any reason, do I need to take my money immediately? If permitted by the Fund Sponsor, you may leave your money in the Plan. In the event a Fund Sponsor pays a mandatory distribution greater than $1,000, but less than $5,000, the Fund Sponsor will pay the distribution in a direct rollover to an individual retirement plan chosen by the Fund Sponsor unless you elect a lump sum distribution or a direct rollover to another plan. Taxes on Distributions What are the tax effects of taking my money? If you withdraw money from the Plan and you do not directly roll it over into another 403(b) account, qualified plan, governmental 457 plan, or traditional individual retirement account ( IRA ), you generally will have to pay income taxes on the money. The amount you withdraw is subject to a mandatory 20% Federal income tax withholding. In addition, if you are under age 59½ when you make the withdrawal, an additional 10% penalty tax may apply. Is there a way to reduce or defer the taxes due on my distribution? Yes, there are ways to either reduce or defer the income taxes due on your distribution. For example: (1) If you receive a taxable distribution from the Plan, you have 60 days from the date of the distribution to roll over all or a portion of that amount to a traditional IRA, another 403(b) account, a qualified plan, or a governmental 457 plan. Under certain circumstances, all or a portion of your distribution may not qualify as a rollover contribution. In addition, most distributions will be subject to mandatory federal income
13 - 9 - tax withholding at a 20% rate. This tax will reduce the actual amount you receive in your distribution. For this reason, if you wish to roll over all or a portion of your distribution, you may want to take advantage of the direct rollover option, described in (2) below. (2) If you roll over your distribution directly to a traditional IRA or another 403(b) account, qualified plan, or governmental 457 plan, no taxes will be withheld. Taxes will be payable, however, when you begin to receive payments. Like the rollover described in (1) above, all or a portion of your distribution may not qualify as a rollover.. The Plan Administrator will provide you with additional information regarding the special tax rules, rollover distributions and direct rollovers when you request a distribution. Claim Procedures How do I apply for benefits? You may apply for benefits by submitting a request to the Plan Administrator. Your request for benefits must be made at least 31 days before you want to receive your distribution. What if my claim is denied? Your application for benefits is also known as your claim for benefits. If you file a benefits claim, the Plan Administrator will review the claim and generally notify you of its decision within 90 days after it receives the claim. However, if the Plan Administrator determines that special circumstances require an extension of time to decide the claim, the Plan Administrator may obtain an additional 90 days to decide the claim. Before obtaining this extension, you will be notified, in writing and before the end of the initial 90-day period, of the special circumstances requiring the extension and the date by which the Plan Administrator expects to render a decision. If your claim is denied in whole or in part, the Plan Administrator will provide you with a written notice which explains the reason or reasons for the decision, includes specific references to Plan provisions upon which the decision is based, provides a description of any additional material or information which might be helpful to decide the claim (including an explanation of why that information may be necessary), and describes the appeals procedures and applicable filing deadlines. How may I appeal a claim denial? If you disagree with the decision reached by the Plan Administrator, you may submit a written appeal to the Plan Administrator requesting a review of the decision. Your written appeal must be submitted within 60 days of receiving the Plan Administrator s decision and should clearly state why you disagree with the Plan Administrator s decision. You may submit written comments, documents, records and other information relating to the claim even if such information was not submitted in connection with the initial claim for benefits. Additionally, upon request and free of charge, you may have reasonable access to and copies of all documents, records and other information relevant to the claim. The Plan Administrator will generally decide your appeal within 60 days after it is received. However, if the Plan Administrator determines that special circumstances require an extension of time to decide the claim, it may obtain an additional 60 days to decide the claim. Before obtaining
14 this extension, the Plan Administrator will notify you, in writing and before the end of the initial 60-day period, of the special circumstances requiring the extension and the date by which it expects to render a decision. The Plan Administrator will provide you with written notice of its decision. In the case of an adverse decision, the notice will explain the reason or reasons for the decision, include specific references to Plan provisions upon which the decision is based, and indicate that you are entitled to, upon request and free of charge, reasonable access to and copies of documents, records, and other information relevant to the claim. As the Plan Administrator has full discretionary power to construe and interpret the Plan and its decisions are final and binding on all parties. How are my claims relating to my investments or funding contract handled? Claims and review of claims pertaining to benefits under a particular investment t (including claims relating to the terms, conditions and interpretations thereof) should be sent to the Plan Administrator but will be determined by the Fund Sponsor under its own procedures. The Fund Sponsor will have full discretionary authority to construe and interpret the terms of its investment and funding contracts and its decisions are final and binding on all parties. Legal Rights As a participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974, as amended ( ERISA ). ERISA provides that all Plan participants shall be entitled to: Receive Information About Your Plan and Benefits Examine, without charge, at the Plan Administrator s office and at other specified locations, such as worksites, all documents governing the Plan and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series) and an updated summary plan description. The Plan Administrator may charge a reasonable amount for the copies. Receive a summary of the Plan s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report. Obtain a statement telling you whether you have a right to receive a benefit at normal retirement age (age 65) and if so, what your benefits would be at normal retirement age if you stop working under the Plan now. If you do not have a right to a benefit, the statement will tell you how many more years you have to work to get a right to a benefit. This statement must be requested in writing and is not required to be given more than once every 12 months. The Plan must provide the statement free of charge. Prudent Actions by Plan Fiduciaries
15 In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called fiduciaries of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including the College or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. Enforce Your Rights If your claim for a benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits that is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Plan s decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in Federal court. If it should happen that Plan fiduciaries misuse the Plan s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay the court costs and legal fees. If you are successful, the court may order the person you sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees (for example, if the court finds your claim is frivolous). Assistance With Your Questions If you have any questions about your Plan, you should contact your Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.
16 Additional Information Who handles the administration of the Plan? The Plan is administered by the Plan Administrator. The Plan Administrator has full discretionary power to construe and interpret the Plan and has full responsibility for administering the Plan. This includes the power to determine questions relating to the Plan (including an employee's eligibility to participate in the Plan); to administer and pay benefits; to establish rules for administering the Plan; to delegate administrative responsibilities; and to disburse money from the Plan for administrative, legal, advisory and other costs incurred in administering the Plan. All decisions of the Plan Administrator are final and binding on all parties. Each Fund Sponsor performs some, but not all, of the recordkeeping services for your Plan. Each Fund Sponsor performs these functions at the direction of the Plan Administrator in accordance with the provisions of the Plan. The Fund Sponsors receive Plan contributions, credit your accounts for those contributions, and pay benefits to you and/or your beneficiaries. Can the College terminate the Plan? The Plan is purely voluntary on the part of the College, which reserves the right to terminate the Plan and to discontinue contributions completely at any time. In the event the Plan is terminated for any reason, the rights of all Participants to their accounts shall be nonforfeitable. How does this Plan affect my employment rights? No provision of the Plan is to be considered a contract of employment between you and the College. The Employer's rights with regard to disciplinary action and termination of any employee, if necessary, are in no manner changed by any provision of the Plan.
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