4.01 Defined Contribution Retirement Plan (403(b)):
Continuing, temporary and limited appointment non-classified staff who work 20 hours or more per week and are appointed for a minimum of 6 months are required to participate in the Board's defined contribution retirement program after having completed two years of service and having reached the age of 30. Those employees who are under age 30 but have completed two years of service may join on a voluntary basis.
The two-year waiting period will be waived for new employees transferring from other institutions who already own a 403(b) contract, and for new employees who have at least five years experience in the field for which they have been hired and have reached age 30.
Employees who are appointed to the non-classified service and who are members of the state's retirement system may elect to remain in that system or elect membership in the Board's defined contribution retirement program when eligible. Such election must be made within 60 days.