Additional Information

Plan Administration

The Plan is administered by the Plan Administrator.  The Plan Administrator has full discretionary power to construe and interpret the Plan and has full responsibility for administering the Plan.  This includes the power to determine questions relating to the Plan (including an employee's eligibility to participate in the Plan); to administer and pay benefits; to establish rules for administering the Plan; to delegate administrative responsibilities; and to disburse money from the Plan for administrative, legal, advisory and other costs incurred in administering the Plan.  All decisions of the Plan Administrator are final and binding on all parties. 

Each Record Keeper performs some, but not all, of the recordkeeping services for your Plan.  Each Record Keeper performs these functions at the direction of the Plan Administrator in accordance with the provisions of the Plan.  The Record Keepers receive Plan contributions, credit your accounts for those contributions, and pay benefits to you and/or your beneficiaries.

Amendment and/or Termination of the Plan

The Plan is purely voluntary on the part of RIT, which reserves the right to amend the plan and/or terminate the Plan and discontinue contributions completely at any time. In the event the Plan is terminated for any reason, the rights of all Participants to their accounts shall be nonforfeitable.

No Right of Employment

No provision of the Plan is to be considered a contract of employment between you and RIT.  The Employer's rights with regard to disciplinary action and termination of any employee, if necessary, are in no manner changed by any provision of the Plan.

Transfer Restrictions and Creditor Protections

Generally, your vested account may not be sold, used as collateral for a loan outside the Plan, given away, or otherwise transferred, except pursuant to a qualified domestic relations order.  In addition, with certain limited exceptions (e.g., an IRS levy), your creditors may not attach or interfere with your account in any way. 

Revenue Sharing Payment

The Plan or the Record Keepers may receive administrative service fees, 12b-1 payments, sub-transfer agency fees, revenue sharing payments or other payments in connection with the Plan’s investments (“Revenue Sharing Payments”).  No participant shall have any rights in Revenue Sharing Payments unless such payments are allocated to the participant’s account as a revenue credit.  The Plan Administrator, in its sole discretion, may direct that Revenue Sharing Payments be: (i) used to pay reasonable Plan expenses (including reimbursing the University for such expenses or paying third parties directly); or (ii) allocated to participants’ accounts as revenue credits on a prorated basis based on the size of each participant’s account balance on a date specified by the Plan Administrator (provided that the Plan Administrator may adopt a different methodology for allocating Revenue Sharing Payment).