Coral Gables (April 09, 2012) — The Employee Retirement Income Security Act of 1974 requires employers to file annual reports with the Internal Revenue Service and the U.S. Department of Labor on the status of various employee benefit plans and to provide employees with a summary of those reports, called Summary Annual Reports.
The 2010 Summary Annual Reports for the Faculty Retirement Plan and the Retirement Savings Plan are now available online.
In addition, the 2012 Retirement Savings Plan Safe Harbor Notice has been posted online. This legal notice, provided to all employees who participate in the retirement savings plan, supplements the summary plan description and other information, which is available on the Benefits Administration site at www.miami.edu/benefits.
The notice provides a brief summary about the University contributions under the plan, the contribution election process, and vesting and in-service withdrawals. The University is required to distribute the notice to all participants of plans that meet certain Internal Revenue Service Code requirements classifying them as “safe harbor” plans. No action is required on your part. A “safe harbor plan” provides a required level of contributions and ensures that each eligible employee receives the full University matching contribution.
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