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Participation Service Requirements
Vesting period - 3 Years of service required in a benefits eligible postion before Employee "owns" the Employer contributions made to retirement.
Waiting period - 3 Years of service in a benefits eligible position before Employer contributions are made.
Waiting Period Waiver - Waiver provides immediate participation for eligible administrative/professional and visiting faculty who meet certain criteria.
(Employer contributions begin the 403(b) Defined Contribution (Base) without serving the required 3 year Waiting Period)
PERF - Public Employees Retirement Fund (includes Defined Benefit (DB) and Annuity Savings Account (ASA) plans).
NE DC Matching 403b - Non-Exempt Defined Contribution plan, replaces PERF for new employees effective 09/09/2013 4% employer contributions to DC Base 403b, 5% employee contributions to 403b Vol (employee may change % anytime) employer matches up to 4% employee contributions.
DC Mand 401a - 401a Mandatory plan (4% employee contributions).
DC Base 403b - 403b Defined Contribution plan (10% employer contributions).
For employee group information, visit http://www.purdue.edu/hr/Benefits/eligible_emps.html.
Rehire - Employees will participate in the plan associated with their new position . Prior service within the last 5 years will be considered for vesting purposes.
Reclass - Positions reclassified (University-initiated) to a different staff group.
Transfer (lateral, promotion, demotion) - Employees who voluntarily transfer or change positions participate in the plan that is associated with that staff level.
For additional benefit information regarding staff classification changes, visit www.purdue.edu/hr/Benefits/ChangesClass.html.