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º¬Ðß²ÝÑо¿ÊÒ 401(a) Plan

Employees who have worked at least 1,000 hours over a 12-month period and are at least age 26 become eligible to receive retirement savings from the º¬Ðß²ÝÑо¿ÊÒ 401(a) Retirement Plan.

Cost

Unlike many retirement plans, you do not need to make your own contributions in order to be eligible. º¬Ðß²ÝÑо¿ÊÒ will make contributions to your account based on the chart below:

Your Age Amount of Contribution
26 - 49 10.12% of your compensation
50 or older 12.13% of your compensation


In addition, º¬Ðß²ÝÑо¿ÊÒ will contribute an amount equal to 4.3% of your compensation in excess of 60% of the Social Security Wage Base in effect on each July 1st. The Wage Base is updated every year. The figure for 2024 is $168,600, so employees who earn more than $101,160 are eligible in fiscal year 2024-2025.

You are fully “vested” for all retirement funds. This means that if you retire or simply end your employment with º¬Ðß²ÝÑо¿ÊÒ, all funds belong to you (both the contributions and the investment earnings).

If you also wish to contribute money to your retirement, you can take part in the Supplemental 403(b) Retirement Account.

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