Rochester Institute of Technology (the “University” or “RIT”) has adopted the Rochester Institute of Technology Retirement Savings Plan (the “Retirement Savings Plan” or “Plan”), a 403(b) tax deferred annuity program to help employees save for their retirement. Prior to 2012, the University’s retirement program consisted of two separate plans, the Basic Plan and the Voluntary Plan. In 2012, the Voluntary Plan was merged into the Basic Plan, and the Basic Plan was renamed the Retirement Savings Plan.
This summary describes the Retirement Savings Plan, which helps employees provide for their future financial security by making pre-tax and/or Roth contributions from their compensation. In addition, eligible employees who make pre-tax and/or Roth contributions under the Plan receive matching contributions from the University.
This summary plan description (“SPD”) is only a summary of your benefits and rights under the Plan. It is important that you understand that it cannot cover all of the details of the Plan or how the rules of the Plan apply to every person, and every situation. You can find the specific rules of the Plan in the Plan document, which you may request from the Plan Administrator. This SPD reflects the terms of the Plan as of January 1, 2019.
Every effort has been made to accurately describe the Plan. If there is a difference between the information in this SPD and the information in the Plan document, the terms of the Plan document will control.
If in reading this SPD you find you have questions concerning your benefits under the Plan, please contact the Plan Administrator.
Password security is critical due to the confidential, private, and financial data that is available online. The employee/participant/covered family member is responsible for maintaining security of their passwords and adhering to RIT information security polices and standards.