Employment actions and retirement: Consider the impact
All non-exempt (biweekly paid) employees hired on or after September 9, 2013 participate in the Non-Exempt Defined Contribution Retirement Plan. But what about employees who transfer positions? Or those who are rehired at the University?
Since there are now three retirement programs in place at Purdue with several moving parts, it can be challenging to anticipate how changing a position might impact compensation provided in the form of retirement benefits. Questions about when participation in a plan begins, vesting, waiting periods and matching contributions may come up as applicants consider new job opportunities.
Human Resources has created an Interactive Retirement Guide to help supervisors and employees think through these situations ahead of time. It’s important to consider how different employment actions might affect the employee’s retirement plan.
The user-friendly online guide walks through new hires, reclassifications, rehires and transfers for all employee groups and retirement plans.
Additional benefit information regarding staff classification changes is also available on the Benefits website.
-Sue Davis, benefit programs manager
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LeadingEdition is an electronic newsletter for Purdue University supervisors. It is produced and distributed by Purdue University Human Resources four times annually. If you have questions, comments or suggestions relating to the newsletter, please call 49-41679 or email us. Thank you.