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STETSON UNIVERSITY, INC.
DEFINED CONTRIBUTION PLAN
RETIREMENT ANNUITY (RA) ADDITIONAL CONTRIBUTION
AMENDMENT
EFFECTIVE JULY 1, 2008
EXHIBIT A
On February 28th, 2008, the Stetson University Board of Trustees approved the following amendment to the University’s Defined Contribution Plan portion of the Retirement Annuity Plan (RA):
Effective July 1, 2008 all active benefit eligible full-time employees will begin receiving an additional monthly contribution into their individual Employer contributed TIAA-CREF Retirement Annuity account. The additional amount will be identified as the RA Additional Contribution henceforth. Employees eligible for this additional contribution must be employed by the University in a full-time benefit eligible position as of June 30, 2008.
Eligible employees will receive an Additional RA Contribution based on their age as of July 1, 2008. The Additional RA Contribution will be deposited on a monthly basis effective July 1, 2008 and as indicated in the spreadsheet below:
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STETSON UNIVERSITY, INC. DEFINED CONTRIBUTION PLAN
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EFFECTIVE JULY 1, 2008
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FUNDING FOR 2008-09
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Total Additional Monthly
RA Contribution
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Age Brackets:
As of July 1, 2008
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Annual Amount
Contributed
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$111.17
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1
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60 & up
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$1,334
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$100.00
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2
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58-59
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$1,200
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$88.92
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3
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56-57
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$1,067
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$77.83
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4
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54-55
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$934
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$72.25
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5
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52-53
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$867
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$66.67
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6
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50-51
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$800
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$61.17
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7
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48-49
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$734
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$55.58
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8
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46-47
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$667
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$50.00
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9
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44-45
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$600
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$44.50
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10
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42-43
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$534
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$38.92
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11
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40-41
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$467
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$33.33
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12
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39 & under
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$400
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*Eligible Bi-Weekly paid employees will receive additional contributions once per month.
PARTICIPATION:
- Effective July 1, 2008, all employees who receive Stetson University RA contributions will receive the additional RA contribution as indicated per the spreadsheet provided.
- Employees who are hired on or prior to June 30, 2008 will receive the Additional Stetson University RA contribution when eligibility to receive University RA contributions occurs.
- Eligibility to participate in Stetson University’s Additional RA Defined Contribution Plan will be effective as of the date of eligibility per University Policy 4.17.1.1 Participation (Retirement Policies).
- The amount of the additional RA contribution received by eligible employees will be based on the age of the employee as of July 1, 2008. Additionally, the amounts as indicated on the spreadsheet provided will not increase or decrease without Board of Trustee approval in the future.
- Employees hired on or after July 1, 2008 are not eligible to participate in the Additional RA Defined Contribution Plan.
- Employees who have terminated employment with the University and return to work at a later date for the University on or after July 1, 2008 are not eligible to participate in the Additional RA Contribution Plan; prior eligibility is not considered for future benefit eligibility.
05/19/08
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