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.
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:
To participate in the employer matching contributions and the profit-sharing contributions portion of the plan, employees must have completed one year of service.
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.
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.
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.
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.
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:
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:
|Years of vesting service||Vesting percentage|
|Years of vesting service||Vesting percentage|
Money can be withdrawn from the plan in these events:
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.
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:
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.
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.
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.