7.5 Tax Deferred Retirement Annuity Plan

The University offers a plan to provide eligible employees with the opportunity to save for retirement on a tax- advantaged basis. This type of retirement plan is known as a 403(b) and offers a voluntary, tax deferred retirement annuity plan to eligible employees who are at least 21 years of age. The University will make a matching contribution in an amount equal to the eligible employee’s elective deferral contributions of up to 6 (six) % percent of eligible compensation each year.

Eligible employee contributions are made on a tax-deferred basis. Employees may contribute the full amount allowed by the IRS.