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Employee contributions 

All full time employees are immediately eligible to participate in the plan, except independent contractors and individuals performing services for the University pursuant to an agreement that provides they are not eligible to participate. 
 

Nova Southeastern basic contributions and Nova Southeastern matching contributions

All employees who have completed one year of service are eligible to participate in the plan, except for the following employees:

• Adjunct professors,
• Part-time, temporary, or irregular basis employees who work less than 1,000 hours of service per year, 
  
• Cluster/field-based employees as defined by the University, and 
  
• Non resident aliens 

Starting early has its advantages

Employee contributions

Generally, you may contribute as much as 80% of your annual includible compensation up to the contribution limit for that year. You may increase or decrease the amount you contribute to the plan as often as you want through the Retirement Manager system. 

Catch-up contributions

Stop/change employee contributions

You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to your employer's plan provision. In the meantime, your account will continue to grow on a tax-deferred basis. Allow one month's notice for processing.

Employer contributions

Basic 

When you meet eligibility requirements, your employer will contribute an amount equal to 2% of your compensation.

Matching 

When you meet eligibility requirements, a matching contribution shall be made based on the amount of your elective deferrals during the year.

• Participants deferring at least 2% will receive an employer match equal to 6% of compensation.

• Participants deferring at least 4% will receive an employer match equal to 10% compensation.

The maximum matching contribution made by Nova Southeastern University shall not exceed 10% of a participant’s compensation for any plan year.

Vesting

Employee contribution vesting 

You are always 100% vested in your own contributions. 

Employer basic and matching contributions vesting 

The first employer nonelective contribution is 100% vested. Any other employer nonelective contribution will become vested in accordance with the following schedule: 

Vesting schedule

In addition to years of service with Nova Southeastern University, years of service with Museum of Art, Inc. will count for purposes of vesting.

Accessing your money before retirement

Withdrawals

Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ might be subject to federal restrictions and a 10% federal tax penalty. 
 

Generally, depending on your employer's plan provisions, you may withdraw your vested account balance if you meet one of the following requirements:

• Attaining age 59½ (employee contributions only)

• Retirement or separation from service

• Your death or total disability

• Hardship (employee contributions only)

The following are some events upon which you may withdraw vested amounts without incurring a 10% federal tax penalty:

• Attaining age 59½

• Separation from service at or after age 55

• Your death or total disability

• Taking substantially equal payments after separation from service for a period of five years or attainment of age 59½, whichever is later.

Tax-free loans

Tax-free loans make it possible for you to access your account without permanently reducing your account balance. The following applies to loans: 

• Employee may access up to 50% of their vested balance or maximum of 50,000 (employee and employer contributions).

• Limited to one outstanding loan at a time.

Defaulted loan amounts will be taxed as ordinary income and may be subject to a 10% federal tax penalty if the employee is under age 59½.

Guaranteed death benefit

In the event of your death prior to annuitization, your Portfolio Director contract provides for a death benefit. Whether you contribute to fixed or variable investment options, your contract guarantees that your beneficiary will never receive less than the amount contributed provided no withdrawals have been made from the account. Withdrawals will reduce the death benefit, depending on the account value at the time of withdrawal. All guarantees are backed by the claims-paying ability of The Variable Annuity Life Insurance Company.

Also, in the event of your death, the benefit passes directly to your named beneficiary. This generally avoids the costs and delays of probate. Your beneficiary can leave all or a portion of the account balance on deposit, depending on the circumstances. Usually, your beneficiary can make withdrawals at any time without incurring charges from Corebridge Financial Retirement Services, subject to tax laws that might require distributions to occur within certain time frames. There also will be no charges from the company if the beneficiary chooses to withdraw the entire account balance.