The College will continue to maintain its pension contribution level to the Bryn Mawr College Retirement Plan for all eligible employees. Investment options are available through Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF) and the Vanguard Group. The pension plan is not part of the Flexible Benefit Plan. Please refer to the Employee Handbook or Bryn Mawr College Retirement Plan Summary Plan Description for details.
All employees are eligible to make their own contributions to their retirement plan (TIAA and/or Vanguard) with budget dollars and from salary on a salary reduction (pre-tax) basis. There is an annual limit on contributions set by the I.R.S. Code.
In order to contribute on a pre-tax basis toward your retirement, you must sign a Salary Reduction Agreement, which is available in Human Resources and on the Human Resources Web page (in Word format). You may also elect to make contributions to your retirement plan on a salary deduction (after-tax) basis. Please refer to the Employee Handbook or Bryn Mawr College Retirement Plan Summary Plan Description for details.
There are legal documents describing all aspects of the plan. It will be important for you to read the documents as they are presented to you. This booklet is a brief description to help you make your decisions when you become a plan member. If there is any difference between your interpretation of this booklet and the information given in the plan documents, the plan documents are considered the determining source of information.
Bryn Mawr College intends this plan to be permanent. However, the plan may be amended or terminated at any time and is not a guarantee of future employment. The plans described reflect the impact of current tax legislation and may change in the future if tax law changes.
Participants in this plan are entitled to certain rights and protections under the Employee Retirement Income Security Act of l974 (ERISA). ERISA provides that all plan participants shall be entitled to:
ERISA sets forth the duties of the people who are responsible for the operation of this plan. The people who operate the plan have a duty to do so prudently and in the interest of the plan participants and beneficiaries. No one, including the employer, may discharge or otherwise discriminate against participants in any way to prevent them from obtaining benefits to which they are entitled under the plan or exercising their rights under ERISA. If an application for benefits under the plan is denied in whole or in part, the participant or beneficiary must receive a written explanation of the reasons for denial. Participants have the right to have the Plan Administrator review and reconsider denied applications or requests on eligibility, participation, or other aspects of the operation of the plan, and to have Bryn Mawr College review and re-consider denied claims. Under ERISA, participants may take steps to enforce these rights. For example, if a participant requests materials from the plan and does not receive them within 30 days, he or she may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay the participant up to $100 a day until he or she receives the materials, unless the materials were not sent due to reasons beyond the control of the Plan Administrator. If a claim for benefits is denied or ignored, in whole or in part, the participant may file suit in a state or federal court.
* Summary Annual Reports are mailed periodically to Participants. They may be reviewed and copied at any time. If the Plan Administrator's responsibility to remit plan premiums is not discharged according to the terms of this plan, or if a participant is discriminated against for asserting ERISA rights, he or she may seek assistance from the U.S. Department of Labor, or may file suit in a federal court. The court will decide who should pay the court costs and legal fees. If the participant is successful, the court may order the person sued to pay these costs and fees. If the participant loses, for example, if the court finds the claim is frivolous, the court may order the participant to pay the costs and fees.
Contact the Plan Administrator if you have any questions about this plan. Bryn Mawr College expects the Flexible Benefit Plan to continue indefinitely, but reserves the right to terminate it or amend it. Bryn Mawr College also reserves the right to suspend contributions if it is determined that continuation of contributions is impossible or inadvisable. If the plan is terminated, or if the College contributions to the plan are permanently discontinued, each participant will be entitled to receive the amount in her/his account, according to the provisions of the plan.
Questions about this statement or about rights under ERISA may be directed to the nearest Area Office of the U.S. Labor-Management Services Administration, Department of Labor.
|Plan Number:||507 Bryn Mawr College Employee Benefit Plan|
|Plan Year:||November 1, 2011 - October 31, 2012|
|Plan Administrator:||Jerry Berenson, Chief Administrative Officer|
|Bryn Mawr College|
|Bryn Mawr, PA 19010|
Please contact Human Resources if you have any questions on these provisions.