This document describes what documents and forms should be given to an eligible employee who wishes to enroll in the Research Foundation's (RF's) Deferred Compensation Plan and explains what steps must be taken to complete the enrollment. For more general information, including eligibility requirements and definitions of terms used, refer to the Deferred Compensation Plan Summary. Note: The term “Highly Compensated,” as found in the above summary, is in accordance with IRS Code Section 414(q) (annual salary of at least $115,000 for 2014, which is adjusted annually as needed by the IRS for inflation and perform services in specific job categories and titles as established by the RF.
Operating locations shall provide eligible employees with important links to documents when they choose to participate in the Deferred Compensation Plan:
Document / Form Name |
Purpose |
Voluntary Salary Deferral Agreement |
This agreement allows the employee to stipulate:
|
Deferred Compensation Plan Summary |
Provides additional information to help an employee understand the rules and guidelines of the Deferred Compensation plan. Individuals opting to enroll in this plan should read this document carefully.
This document is available on the Portal under procedures. |
Deferred Compensation Informational Handout |
Provides assistance in completing the Voluntary Salary Deferral Agreement and provides guidelines on the Deferred Compensation plan.
|
TIAA-CREF Enrollment form |
This form designates how the deferral amount will be allocated when TIAA-CREF establishes a contract in an employee's name. Employees may change their allocations at any time by establishing an on line account through TIAA-CREF or contacting them at 800.842.2252. |
Above Documents |
The above mentioned documents may be found on the RF Benefits website and/or TIAA-CREF microsite for RF employees.
All documents for this plan require paper and submission to either the campus benefits office and/or TIAA-CREF. |
For enrolling employees in the Deferred Compensation Plan who transfer between operating locations, refer to the “Transferring Employees Between Operating Locations” procedure. After consulting this procedure, the operating location the employee transfers to should follow the “Rehiring or Transferring Employees” procedure below.
Because a Salary Deferral Agreement remains in effect for an entire calendar year, the recurring element remains effective for a calendar year. The following table describes what to do when an employee who has previously chosen Deferred Compensation is rehired or transfers from another location:
If an employee with a preexisting element is... |
Then... |
Rehired in the same calendar year at the same campus |
The rehired employee is automatically re-enrolled in the plan. |
Rehired or Transferred in the same calendar year from another campus |
See the “Transfer Between Operating Locations” Procedure. |
Rehired in a subsequent calendar year |
A new Salary Deferral Agreement must be completed to reenroll in the plan. Follow the procedure outlined in the Enrollment Process section below. |
The following steps should be taken to enroll an employee in the Deferred Compensation Plan:
Step |
Who is Responsible |
Action |
1 |
Operating Locations |
Provide eligible employees with the following documents:
|
2 |
Employee |
Complete, sign, and date Voluntary Salary Deferral Agreement and TIAA-CREF Enrollment form and return documents to the operating location. |
3 |
Operating Locations |
Perform review to ensure the:
|
4 |
Operating Locations that do not perform their own input |
|
Operating Locations that do perform their own input |
|
Feedback
Was this document clear and easy to follow? Please send your feedback to webfeedback@rfsuny.org.
Copyright © 2011 The Research Foundation of State University of New York