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401(k) plan

Welcome to your Barry University retirement plan. Click below to view the features and highlights of your employer’s retirement plan.

The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.

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Employee contributions

Employees are eligible 30 days following employment commencement date to participate in the elective deferral and safe harbor contribution portion of the plan. You can join the plan on the first day of the month coinciding with or next following the date on which the eligibility requirements are met.

The plan does not allow participation by:

  • Leased employees
  • Union employees
  • Part-time/temporary/seasonal employees
  • Full-time students/employees, adjunct faculty members and work-study students

Employer and profit-sharing contributions  

To participate in the employer matching contributions and the profit-sharing contributions portion of the plan, employees must have completed one year of service.

Starting early has its advantages

Employee contributions  

Through payroll deduction, your plan allows you to make pretax and/or after-tax contributions up to the maximum percentage allowed by the Internal Revenue Code. You can direct all of your contributions to a traditional pretax account, to a Roth account, or to a combination of the two. Contributions to a Roth account are after-tax. Regardless of your election, you are subject to the annual contribution limit.

Contribution limits

You can make a special elective salary deferral on any bonuses you receive up to 100% of any bonus.

If you have an existing qualified retirement plan (pretax), 403(b) tax-deferred arrangement, deferred compensation plan account, or a Roth 401(a) or 403(b) account with a prior employer or hold a traditional IRA account, you can roll over that account into the plan anytime.

Catch-up contributions

If you are age 50 or older and make the maximum allowable deferral to your plan, you are entitled to contribute an additional "age-based catch-up contribution." The catch-up contribution is intended to help eligible employees make up for smaller contributions made earlier in their career.

Catch-up contributions

Stop or change contributions

You may stop your contributions on any payroll date. Once you discontinue contributions, you may only start again as provided under the terms of the plan. You can increase or decrease the amount of your contributions as of each payroll period.

Employer contributions

The plan also provides for Barry University to make contributions. The plan also provides for discretionary matching contributions on pretax contributions in an amount to be determined by Barry University on an annual basis. The match benefits all eligible employees.

The employer will make matching contributions as follows:  

  • Barry University will make safe harbor matching contributions of 110% of your pretax contributions that do not exceed 5% of deferrals. Other limitations may apply.
  • Barry University can also make profit-sharing contributions at its discretion, which will be allocated among all eligible employees whether or not they make contributions.
  • Barry University may also make discretionary matching contributions.


Vesting is a participant’s right of ownership to the money in his or her plan account.

You are always 100% vested in employee contributions, and rollover contributions, plus any earnings they generate. You are 100% vested in the "safe harbor" matching contributions Barry University makes on your behalf, plus any earnings they generate. Vesting is as follows: 

Employer matching contributions:
Years of vesting service Vesting percentage
1 0
2 25
3 50
4 75
5 100
Profit-sharing contributions:
Years of vesting service Vesting percentage
1 0
2 25
3 50
4 75
5 100

Accessing your money before retirement


Money can be withdrawn from the plan in these events:

  • Your retirement
  • Death
  • Severance from employment
  • In-service distributions are allowed if the participant has reached Normal Retirement Age

Income taxes are payable upon withdrawal. Federal restrictions and a 10% federal early withdrawal tax penalty may apply if taken before age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan account.

Hardship withdrawals

If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your voluntary contributions. A hardship may include:

  • Purchase of a principal residence
  • College tuition and approved related expenses for you, your spouse or dependents
  • Non-reimbursable medical and/or dental expenses for you, your spouse or dependents
  • Payment to prevent eviction from or foreclosure on your principal residence
  • Payment for burial or funeral expenses for your deceased parent, spouse, or children
  • Casualty losses incurred in a presidentially declared disaster declared

If you feel you are facing a financial hardship, you should see your financial professional for more details.


The plan is intended to help you put aside money for your retirement. However, Barry University has included a plan feature that enables you to access money from the plan.

  • The amount the plan can loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000.
  • The minimum loan amount is $1,000.
  • All loans must generally be repaid within five years.
  • You can have three loans outstanding at a time.
  • A $50 processing fee for all new loans and a $50 per year loan maintenance fee are charged to your account.

Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional. Refer to the Summary Plan Description for more details about this participant loan feature.

An array of investment choices

Available funds & performance

The following mutual funds and a fixed-interest option are available in your Barry University 401(k) retirement plan. They provide you with flexibility to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.  

To view or print a prospectus, access “Prospectuses and Other Important Materials.” The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.