Benefits - General

Benefits - General Anonymous (not verified) August 18, 2015

ERISA

ERISA

Employee Retirement Income Security Act of 1974 (ERISA)

As a participant in an ERISA Covered Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan Participants shall be entitled to:

  • Examine without charge, at the Plan Administrator’s Office all Plan documents, including insurance contracts and copies of all documents filed by the Plan with the U.S. Department of Labor, such as Plan descriptions. 
  • Obtain copies of all documents and other Plan information upon written request to the Plan Administrator. The Administrator may make a reasonable charge for the copies. 
  • Receive a summary of the Plan’s annual financial report.

If you have any questions about your Plan, you should contact the Plan Administrator. If the Plan Participant has any questions about this statement or his or her rights under ERISA, that Plan Participant should contact either the nearest area office of the U.S. Pension and Welfare Benefits Administration, Department of Labor listed in the telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, DC 20210.

Anonymous (not verified) August 18, 2015

Faculty Emeritus and Retired Staff

Faculty Emeritus and Retired Staff

Campus and Community Benefits in Regard to Faculty Emeritus/Emerita and Staff Retired from Service.

It is the College’s intention to make it possible for faculty emeritus/emerita to be as active as desired in the on-going academic life of the College.

Designation as faculty emeritus/emerita is accompanied by the following community benefits:

  • Campus parking privileges
  • Library privileges including the possibility of reserving working space in the library on an “as-needed” basis
  • Use of the Bryan Campus Life Center
  • Discounts at the College Bookstore
  • Faculty/staff discount for event rental of Rhodes campus facilities
  • Each faculty member may enroll without fee in one standard course each semester in the academic program of the Meeman Center (based on spaces available; travel courses are excluded)
  • Regular courses in the academic program may be audited without charge upon approvals of the instructor and of the Office of Academic Affairs (based on spaces available)
  • Faculty emeritus/emerita are invited to attend formal academic occasions, most notable the Opening Convocation of the Academic Year at which time faculty emeritus/emerita will be recognized. The College will include faculty emeritus/emerita in an annual event for faculty with the President of the College and the Office of Academic Affairs

Staff of the College are designated as retired from service if the following criteria are met:

  1. The person must have served the College as a full-time member of the Staff for at least ten consecutive years.
  2. The person must be in good standing according to the policies and procedures of the College.
  3. The person must be eligible to draw retirement benefits as defined by applicable federal/state regulations and college policy.

Staff of the College designated as retired from service also benefit from participation in the on-going life of the College:

  • Campus parking privileges
  • Library privileges
  • Use of the Bryan Campus Life Center
  • Use of the event rental of Rhodes campus facilities
  • Each staff retired from service may enroll without fee in one standard course each semester in the academic program of the Meeman Center (based on spaces available; travel courses are excluded)
  • Regular courses in the academic program may be audited without charge upon approvals of the instructor and of the Office of Academic Affairs (based on spaces available)
  • Staff retired from service will be invited to attend formal academic occasions; most notably the Opening Convocation of the Academic Year at which time staff retired from service will be recognized. The College will include staff retired from service in an annual event for staff with the President of the College.

 

Anonymous (not verified) August 18, 2015

Flexible Benefits Program

Flexible Benefits Program

All full-time faculty and staff are eligible to participate in the program. The Flexible Benefits Program is an Internal Revenue Code Section 125 sanctioned plan, whereby the IRS allows certain benefits to be purchased through the Plan on a tax-free basis. Thus, participating in the flexible benefits program allows you to pay your medical and dental benefit premiums, and your Flexible Spending Accounts (FSA) (Health Care FSA and Child/Dependent Care FSA) through payroll deduction before taxes have been withheld.

Participants must enroll during annual enrollment or submit an enrollment form to elect a tax payment option (i.e., pre-tax or after-tax). FSA participants are required to sign an enrollment form if they elect to participate in the health care or child/dependent care FSA. Participants are then committed to these agreements for the designated plan year (July 1 - June 30). Thus, it cannot be amended during the plan year except as provided by IRS Code Section 125.

Anonymous (not verified) August 18, 2015

Life Insurance and AD&D - Voluntary Supplemental Insurance

Life Insurance and AD&D - Voluntary Supplemental Insurance

Full-time employees may purchase additional life insurance coverage through UNUM Life Insurance Company. Supplemental life insurance may be purchased through payroll deductions for the employee and his/her spouse up to $500,000 each or five (5) times the employee’s annual salary, whichever is less.

Dependent children may be covered up to $10,000 per child. The amount of life insurance purchased on a spouse and/or dependent must be equivalent to or less than coverage purchased on the employee. The employee may purchase up to $150,000 of guaranteed coverage within their first 30 days of eligibility. A spouse is guaranteed coverage of $25,000.

If desired coverage is greater than $150,000 or $25,000 respectively, a medical questionnaire must be completed and UNUM must approve the coverage.

Applications for coverage may be obtained in Human Resources.

Monthly Premium Supplemental Life Rates

 Age Band

 Employee Rate
per $10,000 coverage

 Spouse Rate
per $1000 coverage

Child Rate
per $2,000 coverage 

 

 

 

 $ .73

 15-29

 .80

 1.10

 

 30-34

 .90

 1.16

 

 35-39

 1.20

 1.60

 

 40-44

 1.79

 2.28

 

 45-49

 2.83

 3.58

 

 50-54

 4.52

 5.59

 

 55-59

 6.98

 8.46

 

 60-64

 10.90

 14.55

 

 65-69

 18.82

 24.86

 

 70-74

 33.66

 44.28

 

 75+

 65.79

 88.69

 

 

Voluntary Accidental Death & Dismemberment (AD&D)

All full-time employees have the option to purchase AD&D coverage for themselves and their dependents. Coverage is available for employees in increments of $10,000, and for spouses and dependent children in increments of $1,000.

The cost per month for this benefit is $.33 per $10,000 of coverage.

Anonymous (not verified) August 18, 2015

Life Insurance, AD&D - College Provided

Life Insurance, AD&D - College Provided

 

The following information comprises the Summary Plan Description to our employees under the Employees’ Retirement Income Security Act of 1974 often referred to as ERISA. 

Plan Administrator.

This Welfare Benefit Plan is administered by Rhodes College, 2000 North Parkway, Memphis, TN 38112 whose Internal Revenue Service Employer Identification Number is EIN620476301. The Plan Number is 503. The Plan year is July through June. This is a fully insured plan.

Information regarding Plan eligibility, enrollment, cost, and the procedure for applying for benefits is contained in this section. The Certificate of Insurance which each insured employee receives includes a description of benefits under the Plan and the conditions under which these benefits are available to insured individuals.

Employees Eligible for the Plan.

All active full-time faculty and staff are eligible.

When an Employee Becomes Eligible for Insurance.

Each employee becomes eligible for insurance under the Plan the first day of the month following the date of employment with Rhodes. If an employee is absent from work on the day he or she would otherwise become eligible, the employee will become eligible on the day he or she returns to work.

Enrolling in the Plan.

An employee will become insured on the first of the month following date of hire. No medical examination is necessary. Enrollment forms, which should be completed promptly, may be obtained from Human Resources. Additional information about enrollment procedures may also be obtained from this office.

Applications, Requests, and Questions Directed to the Plan Administrator.

Applications, requests and questions regarding enrollment, participation, or other administrative matters and service of legal process on issues arising from such questions, should be directed to the Plan Administrator, Chief Human Resources Officer, Rhodes College, 2000 North Parkway, Memphis, TN 38112, (901) 843-3750.

The Cost of the Plan.

Rhodes currently pays the entire cost of this Plan. Periodically, generally near the end of a plan year, the insurance company reviews the adequacy of premiums charged for the Plan and advises the College whether existing premium rates will be continued or whether adjustments will be made for the coming year.

Covered Schedule (Life and AD&D), maximum benefit is $300,000:

Employee’s Age          Amount of Coverage

18 - 64 Years             1.00 x Annual Salary
65 - 69 Years               .65 x Annual Salary
70 - 74 Years               .45 x Annual Salary
75 - 79 Years               .30 x Annual Salary
80 - 84 Years               .20 x Annual Salary
85 - 89 Years               .15 x Annual Salary
90 and over                  .10 x Annual Salary

Applying for Benefits.

The appropriate forms for applying for benefits, and assistance in the completion of these forms, may be obtained from Human Resources. The forms when completed will be forwarded by the Benefits Services Manager to the insurance company.

Notice and proof of claim should be made promptly. Details on the applicable time limits for submitting benefit applications may be found in the Certificate of Insurance which each insured employee receives, as well as in the Group Policy maintained in the office of the Plan Administrator. Upon receipt by the insurance company of the application for benefits and supporting documentation, valid claims will be paid promptly.

If a claim is denied, the insurance company shall within a reasonable period of time (not exceeding 90 days) provide a written denial to the participant. It will include specific reasons for denial, the provisions of the insurance contract on which the denial is based, and how to apply for a review of the denied claim. Where appropriate, it will also include a description of any material which is needed to complete or perfect a claim and why such material is necessary. A participant may request in writing a review of a claim denied by the insurance company and may review pertinent documents and submit issues and comments in writing to the insurance company. The insurance company shall provide in writing to the participant a decision upon such request for review of a denied claim within 60 days of receipt of the request.

If special circumstances require a delay on the initial decision on a claim or a review of a denied claim, the insurance company will notify the participant within 90 days of the date the claim was initially submitted or within 60 days of the date a review was requested. The notice will explain the reasons for the delay and when a decision can be expected. In no event will the decision be provided later than 90 days after the notice is sent for an initial decision on a claim or more than 60 days after the notice is sent for a review of a denied claim.

Currently the insurance company is UNUM. Requests for information concerning UNUM Life Insurance contract and its terms, condition, and interpretations thereof, claims thereunder, any requests for review of such claims, and service of legal process may be directed in writing to UNUM Life Insurance Company, 2211 Congress St., Portland, OR 04122.

For a statement of ERISA rights see ERISA.

Amendment to the Group Life Insurance Plan.

Rhodes College shall be the Administrator for this Plan, and as such, shall have the authority to control and manage the operation and administration of the Plan, subject to the provisions of the Group Insurance Policy. The Administrator has designated in writing the Chief Human Resources Officer to carry out duties under the Plan.

The Board of Trustees reserves the right to modify or discontinue the Plan at any time. Such modification or discontinuance must be effected in accordance with the terms of the group insurance contract.

Anonymous (not verified) August 18, 2015

Long Term Disability

Long Term Disability

Long Term Disability Income Plan Summary Plan Description

The following information comprises the Summary Plan Description to our employees under the Employees’ Retirement Income Security Act of 1974 often referred to as ERISA.

Plan Administrator

This Welfare Benefit Plan is administered by Rhodes College, 2000 North Parkway, Memphis, TN 38112 whose Internal Revenue Service Employer Identification Number is EIN620476301. The Plan Number is 501. The Plan year is July through June. This is an insurer administration plan. Information regarding Plan eligibility, enrollment, cost, and the procedure for applying for benefits is contained in this section. The Certificate of Coverage includes a description of benefits under the Plan and the conditions under which these benefits are available to insured individuals.

Employees Eligible for the Plan

All active full-time faculty and staff are eligible.

Date Eligible for Insurance

Each employee becomes eligible the first day of the month following the date of employment with Rhodes. If an employee is absent from work on the day he or she would otherwise become eligible, the employee will become eligible on the day he or she returns to work.

Enrolling in the Plan

An employee will become insured on the first day of the month following hire date. No medical examination is necessary.

Applications, Requests, and Questions Directed to the Plan Administrator

Applications, requests, and questions regarding enrollment, participation, or other administrative matters and service of legal process on issues arising from such questions, should be directed to the Plan Administrator, Chief Human Resources Officer, Rhodes College, 2000 North Parkway, Memphis, TN 38112, (901) 843-3750.

If a written application or request pertaining to enrollment, participation, or administration of the Plan is denied by the Administrator, the Administrator shall, within a reasonable time, provide a written denial to the participant.

It will include the specific reasons for denial, the provisions of the Plan upon which the denial is based, a description of any material needed to complete the application or request (if appropriate) and why it is necessary, and instructions on review procedures. When the Administrator requires additional time to respond because of special circumstances, an extension of up to 90 days may be obtained by notifying the participant that a decision will be delayed, what circumstances have caused the delay and when a decision can be expected. The Administrator will inform the participant of the delay within 90 days of the date the application or request was submitted.

A participant may request in writing a review of a denied request or application, and may review pertinent documents and submit issues and comments in writing to the Administrator. The Administrator shall provide in writing to the participant a decision upon such request for review within 60 days of receipt of the request. When special circumstances require an extension, the Administrator may obtain an extension of up to 60 days by notifying the participant why the decision on the review will be delayed and when a decision can be expected.

The Cost of the Plan

Rhodes currently pays the entire cost of this Plan. Periodically, generally near the end of a plan year, the insurance company reviews the adequacy of premiums charged for the Plan and advises the College whether existing premium rates will be continued or whether adjustments will be made for the coming year.

Basic Coverage

After six months of total disability and approval by the insurance company, the disabled employee receives monthly income (offset by Social Security and Workers’ Compensation benefits) equivalent to 60% of regular monthly salary with a maximum total benefit of $7,500 per month. When an individual begins receiving total disability income protection payments from the insurance company, the College will no longer continue to provide fringe benefits and the employment relationship is terminated.

Applying for Benefits

The appropriate forms for applying for benefits, and assistance in the completion of these forms, may be obtained from Human Resources.

Notice and proof of claim should be made promptly. Details on the applicable time limits for submitting benefit applications may be found in the Certificate of Coverage which each insured employee receives, as well as in the Group Policy maintained in the office of the Plan Administrator. Upon receipt by the insurance company of the application for benefits and supporting documentation, valid claims will be paid promptly.

If a claim is denied, the insurance company shall within a reasonable period of time (not exceeding 90 days) provide a written denial to the participant. It will include specific reasons for denial, the provisions of the insurance contract on which the denial is based, and how to apply for a review of the denied claim. When appropriate, it will also include a description of any material which is needed to complete or perfect a claim and why such material is necessary. A participant may request in writing a review of a claim denied by the insurance company and may review pertinent documents and submit issues and comments in writing to the insurance company. The insurance company shall provide in writing to the participant a decision upon such request for review of a denied claim within 60 days of receipt of the request.

If special circumstances require a delay on the initial decision on a claim or a review of a denied claim, the insurance company will notify the participant within 90 days of the date the claim was initially submitted or within 60 days of the date a review was requested. The notice will explain the reasons for the delay and when a decision can be expected. In no event will a decision be provided later than 90 days after the notice is sent for an initial decision on a claim or more than 60 days after the notice is sent for a review of a denied claim.

Currently the insurance company is UNUM. Requests for information concerning the UNUM Group Total Disability Insurance contract terms, condition, and interpretations thereof, claims thereunder, any requests for review of such claims, and service of legal process may be directed in writing to UNUM, Suite 1700 - Benefits, 3 Ravina Drive, Atlanta, GA 30346.

For a statement of ERISA rights see ERISA.

Continuation of Medical Benefits Coverage

When an individual begins receiving total disability income protection payments from the insurance company, the College will no longer continue to provide medical benefits coverage and the employment relationship is terminated. Even though an employee will no longer be covered by the College, he or she has the option of COBRA benefits (refer to “COBRA” in this chapter).

Amendment to Group Long Term Total Disability Benefits Insurance Plan

Rhodes College shall be the Administrator for this Plan, and as such, shall have the authority to control and manage the operation and administration of the Plan, subject to the provisions of the Group Insurance Policy. The Administrator has designated in writing the Chief Human Resources Officer to carry out duties under the Plan.

The Board of Trustees reserves the right to modify or discontinue the Plan at any time. Such modification or discontinuance must be effected in accordance with the terms of the group insurance contract.

Anonymous (not verified) August 18, 2015

Retirement Plan

Retirement Plan

Rhodes College
Defined Contributions Retirement Plan
Memphis, Tennessee January 1, 2003 

This Summary Plan Description provides each Participant with a description of the RHODES COLLEGE Retirement Plan.

Anonymous (not verified) August 18, 2015

Information About the Plan

Information About the Plan

Information About the Plan

1. What Is The Rhodes College′s Retirement Plan?

The Rhodes College Retirement Plan (the "Plan") is a Defined Contribution (“Money Purchase”) Plan. The Plan operates under Section 403(b) of the Internal Revenue Code and uses annuity contracts to provide retirement benefits. It was established by the Board of Trustees of Rhodes College as of January 1, 1945 and was amended and restated in its entirety on December 21st, 2002, to comply with certain tax law changes including the General Agreement on Tariffs and Trade (“GATT”), the Uniformed Services Employment and Reemployment Rights Act of 1994 (“USERRA”), the Small Business Job Protection Act of 1996 (“SBJPA”), the Taxpayer Relief Act of 1997 (“TRA’97"), the Internal Revenue Service Restructuring and Reform Act of 1998 (“RRA”) and the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”).

As sponsor of the Plan, the College selects the “Funding Vehicles” into which employer contributions may be paid for the benefit of participants. Funding Vehicles are annuity contracts which meet the requirements of Section 403(b) of the Internal Revenue Code. Currently benefits are provided through annuities issued by

  1. the Teachers Insurance and Annuity Association (TIAA),
  2. the College Retirement Equities Fund (CREF) (TIAA′s companion organization)

Information concerning TIAA and CREF can be obtained by writing to:

TIAA-CREF
730 Third Avenue
New York, NY 10017

You may also contact TIAA at (800) 842-2733 (or the TIAA-CREF telephone counseling center at (800) 842-2776).

TIAA, CREF, and any other insurance, variable annuity or investment company that provides Funding Vehicles available to Participants under the Plan are sometimes referred to herein as “Fund Sponsors”.

As part of its fiduciary duties under ERISA, the College periodically reviews the Funding Vehicles offered to Plan participants.

The Administrator of the Plan is Rhodes College. The Plan Year is the fiscal year (July 1 to June 30).

2. Who Is Eligible To Participate In The Plan?

All categories of employees are eligible to participate in this retirement plan except employees who normally work less than 20 hours per week, student employees, employees whose employment is governed by the terms of a collective bargaining agreement and leased employees. However, if your employment is incidental to your educational programs at Rhodes College, if you′re employed by Rhodes College primarily as a music commission teacher or as a consultant, or if you are not a regular Rhodes College employee and you are employed by or through the College on the basis of grants and/or contracts and/or agency agreements you are not eligible to participate. If you are treated as an independent contractor, but the Internal Revenue Service subsequently determines that for tax purposes you should be treated as an employee, you will still not be eligible for the plan despite your reclassification.

3. When Do I Begin Participating In The Plan?

If you′re an eligible employee, you will begin participation in this Plan on the first of the month following completion of a 24-month period that constitutes two Years of Service at the College without a Break in Service. A Break in Service means a 12-month period during which you perform less than 501 Hours of Service with the College. If a Break in Service occurs prior to satisfaction of the participation requirements, any “Year of Service” you have earned prior to the Break in Service will not be counted for purposes of meeting the participation requirement.

The Plan Administrator will be required to credit you with Hours of Service for a maternity or paternity absence. These are absences taken on account of pregnancy, birth, or adoption of your child. No more than 501 Hours of Service shall be credited for this purpose and these Hours of Service shall be credited solely to avoid your incurring a Break in Service. The Plan Administrator may require you to furnish proof that your absence qualifies as a maternity or paternity absence.

The appropriate enrollment forms must be completed and returned to the College.

The College will notify you when you′ve completed the requirements necessary to participate in the Plan. All determinations about eligibility and participation will be made by the College. The College will base its determinations on its records and the official Plan Document on file with the Plan Administrator.

4. How Are Years Of Service Counted?

You are credited with a year of service for each 12-month period starting with your date of employment (or anniversary date of employment) during which you complete 1,000 or more hours of service. Year(s) of Service with any educational organization or any organization that meets the eligibility requirements of Code Section 403(b)(1), any teaching institution, any institution of higher education or any nonprofit research institution during the 24-month period immediately preceding your date of employment with the College will be counted for meeting the participation requirements. However, no credit is given for a period of employment with another institution which does not meet the hours of service requirement for a complete Year of Service.

5. Do I Participate During An Approved Leave Of Absence?

During a paid leave of absence, the College will continue its Plan Contributions on your behalf. The Plan Contributions will be based on your compensation during your leave of absence.

6. When Do My Benefits Become Vested (i.e., owned)?

You are immediately vested in the contributions made by Rhodes College for your benefit under the Plan. Such contributions are non-forfeitable.

7. How Are Plan Contributions Made?

When you begin participation in the Plan, contributions will be made by the College automatically to a “Funding Vehicle”. A “Funding Vehicle means the financial instrument(s) issued for the purposes of funding benefits under this Plan and specifically approved by the Employer for use under this Plan The contributions are based on a percentage of your regular salary in accordance with the following schedule. If you participate in the Plan for only a part of a year, your allocation will be based on the portion of salary applicable to the period in which you participate.

Plan Contributions as a Percentage of Regular Salary:

 On the portion of regular salary

 Rhodes Contribution

 Up to $22,900

 8%

 On any Regular Budgeted Salary above $22,900

 12%

For faculty, Regular Salary means the salary stated in the academic year contract or appointment letter. For all other employees, Regular Salary means the basic annual earnings excluding overtime pay, bonuses, and any other forms of supplemental remuneration. In no event will the salary taken into account under the Plan exceed the limits of Internal Revenue Code Section 401(a)(17) ($220,000 in 2006).

8. Is There A Limitation On Contributions?

Yes. The total amount of contributions made on your behalf for any year will not exceed the limits imposed by Sections 402 and 415 of the Internal Revenue Code. These limits may be adjusted from time to time. For more information on these limits, contact the Fund Sponsor.

9. What Is The Normal Retirement Age Under The Plan?

The normal retirement age under the Plan is the first day of the month on or following your 65th birthday. Annuity income usually begins on that date.

10. When Does My Annuity Income Begin?

Although income usually begins on the normal retirement age, you may begin to receive income at any time after termination of employment, which may be either earlier or later than the normal retirement age. However you may not receive distributions while you are employed by the College.

Retirement benefits must normally begin no later than April 1 of the calendar year following the year in which you attain age 70 ½, or cease to be an employee of the College, whichever is later. Failure to begin annuity income by the required beginning date may subject you to a substantial federal tax penalty.

If you die before the distribution of benefits has begun, your entire interest must normally be distributed within five years after your death. Under a special rule, death benefits may be payable over the life or life expectancy of a designated beneficiary (which must be a natural person or eligible trust) if the distribution of benefits begins not later than one year from the date of your death. If the designated beneficiary is your spouse, the commencement of benefits may be deferred until you would have attained age 70 had you continued to live.

The payment of benefits according to the above rules is extremely important. Federal tax law imposes a 50 percent excise tax on the difference between the amount of benefits required by law to be distributed and the amount actually distributed if it is less than the required minimum amount.

11. What Options Are Available For Receiving Retirement Income?

You may choose from among several types of income options when you retire. If you are married at the time you elect to begin receiving distributions, your right to choose an income option will be subject to your spouse′s right (under federal pension law) to survivor benefits as discussed in the next question, unless this right is waived by you and your spouse. A summary of the annuity income options provided under each the current Funding Vehicles are available from the TIAA-CREF website:  TIAA-CREF 

12. What Are My Spouse’s Rights Under This Retirement Plan?

Benefits must be paid to married Participants in the Plan only as described below, unless a written waiver of the benefits by the Participant and a written consent to the waiver by the spouse is filed with the Fund Sponsor. This provision applies to both retirement benefits and pre-retirement death benefits.

If benefits commence before your death, your surviving spouse at your death shall continue to receive income that is at least half of the annuity income payable during the joint lives of you and your spouse (joint and survivor annuity). If you die before annuity income begins, your surviving spouse shall receive a benefit that is at least half of the full current value of your annuity accumulation (pre-retirement death benefit), payable in a single sum or under one of the income options offered under the Funding Vehicle applicable to you.

Married Participants and their spouses may waive the spousal entitlement to a joint and survivor annuity or a pre-retirement death benefit only if a written waiver of the benefit signed by the Participant and the spouse (and notarized) is filed with the Fund Sponsor. The necessary forms will be provided to the Participant by the Fund Sponsor or the annuity company.

For post-retirement survivor benefits (joint and survivor annuity), the waiver may be made only during the 90-day period before the commencement of benefits. The waiver also may be revoked during the same period. It may not be revoked after annuity income begins.

The period during which you and your spouse may elect to waive the pre-retirement survivor death benefit begins on the first day of the plan year in which you attain age 35. The period continues until the earlier of your death or the date you start receiving annuity income. If you die before attaining age 35 – that is, before you have had the option to make a waiver – at least half of the full current value of the annuity accumulation is payable automatically to your surviving spouse in a single sum, or under one of the income options offered under the applicable Funding Vehicle. If you terminate employment before age 35, the period for waiving the pre-retirement death benefit begins no later than the date of termination. The waiver also may be revoked during the same period.

If a judgment, decree or order made following a state domestic relations law establishes the rights of another person (the “alternate payee”) to your benefits under this Plan, and if such an order (hereafter called a "qualified domestic relations order") is for providing child support, alimony or other marital property payments, then payments will be made according to that order. If a court issues a qualified domestic relations order, the order preempts the usual requirements that your spouse be considered your primary beneficiary for a portion of the accumulation.

13. Is There A Retirement Income Option That Allows Me To Receive Income While Preserving My Accumulation?

One or more of the Funding Vehicles may offer such an option. You should consult the Income Options section of the TIAA-CREF website (depending on which Funding Vehicle you have elected for your account) to determine if this option is available to you.

14. May I Receive A Portion Of My Accumulation In A Lump Sum Upon Retirement?

This option may be available depending on the Funding Vehicle you have chosen. Please check the appropriate web site.

15. May I Receive A Lump Sum Payment From The Plan?

This option may be available depending on the Funding Vehicle you have chosen. Please check the appropriate web site. You may not receive any distributions while you′re employed by the College.

16. What Happens To My Annuities If I Terminate Employment Before Retirement?

Your Retirement Annuities remain in force, including all benefits purchased by the College′s contributions. You don’t forfeit any of the benefits that have already been set aside for you.

Your accumulations in the Funding Vehicle you have chosen will continue to participate in the earnings (or losses) of the fund as would have been the case had you continued contributions.

17. What If I Die Before Starting To Receive Benefits?

If you die before beginning retirement benefits, the full current value of your annuity accumulation is payable as a death benefit. Subject to the special rules for married participants discussed above, you may choose one or more of the options listed in your annuity contracts for payment of the death benefit, or you may leave the choice to your beneficiary.

Federal tax law puts limitations on when and how beneficiaries receive their death benefits. The Fund Sponsor or annuity company whose Funding Vehicle you have chosen will notify your beneficiary of the applicable requirements at the time he or she applies for benefits.

You should review your beneficiary designation periodically to make sure that the person you want to receive the benefits is properly designated. You may change your beneficiary by completing the "Designation of Beneficiary" form available from the Fund Sponsor or appropriate annuity company. If you die without having named a beneficiary, your spouse will automatically receive half of your accumulation. Your estate will receive the other half. If there′s no spouse, your estate receives the entire accumulation.

 

 

 

 

Anonymous (not verified) August 18, 2015

Information About Your TIAA - CREF Annuities

Information About Your TIAA - CREF Annuities

Contributions may be invested in one or more of the following funding vehicles which are currently available under this Plan: A. Teachers Insurance and Annuity Association (TIAA): TIAA Retirement Annuity B. College Retirement Equities Fund (CREF): (See web site for available investment options). The College’s current selection of fund sponsors and Funding Vehicles is not intended to limit future additions or deletions of fund sponsors and Funding Vehicles. You’ll be notified of any additions or deletions.

2. May I Rollover My Accumulations?

If you’re entitled to receive a distribution from your contract which is an eligible “rollover distribution,” you may rollover all or a portion of it either directly or within 60 days after receipt into another retirement plan or into an IRA. An eligible rollover distribution, in general, is any cash distribution other than an annuity payment, a minimum distribution payment or a payment which is part of a fixed period payment over ten or more years. The distribution will be subject to a 20 percent federal withholding tax unless it′s rolled over directly into another retirement plan or into an IRA – this process is called a “direct” rollover.

If you have the distribution paid to you, then the plan must withhold 20 percent even if you intend to roll over the money into another retirement plan or into an IRA within 60 days. To avoid withholding, instruct the fund sponsor to directly roll over the money for you.

Anonymous (not verified) August 18, 2015

Additional Information

Additional Information

1. How Is The Plan Administered?

The Retirement Plan is available through Rhodes College. The benefits are provided by retirement annuity contracts issued to Participants by TIAA-CREF. The Chief Human Resources Officer, 2000 North Parkway, Memphis, Tennessee 38112, (901) 843-3750, of the College is the Administrator of this Plan. The Administrator is responsible for enrolling Participants, forwarding Plan Contributions for each Participant to TIAA-CREF, and performing other duties required for operating the Plan.

2. May The Terms Of The Retirement Plan Be Changed?

The Board of Trustees of the College reserves the right to modify or discontinue the Plan at any time. The College, by action of its Board, also may delegate any of its power and duties with respect to the Plan or its amendments to one or more officers or other employees of the College. Any such delegation shall be stated in writing. The College will exercise good faith, apply standards of uniform application, and refrain from arbitrary action.

3. How May I Get More Information About The Plan?

Requests for information concerning eligibility, participation, contributions, or other aspects of operating the Plan should be in writing and directed to the Plan Administrator. Requests for information concerning the Plan and its terms, conditions and interpretations may be directed in writing to: ADMINISTRATOR: 
Chief Human Resources Officer
Rhodes College 
2000 North Parkway 
Memphis, TN 38112
(901) 843-3750.

4. What Are The Plan′s Claims Procedures? The following rules describe the claims procedure under the Plan:

  • Filing a claim for benefits. A claim or request for plan benefits is filed when the requirements of a reasonable claim-filing procedure have been met. A claim is considered filed when a written or oral communication is made to the College. 
  • Processing the claim. The Plan Administrator must process the claim within 90 days after the claim is filed. If an extension of time for processing is required, written notice must be given to you before the end of the initial 90-day period. The extension notice must indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render its final decision. In no event can the extension period exceed a period of 90 days from the end of the initial 90-day period. 
  • Denial of claim. If a claim is wholly or partially denied, the Plan Administrator must notify you within 90 days following receipt of the claim (or 180 days in the case of an extension for special circumstances). The notification must state the specific reason or reasons for the denial, specific references to pertinent plan provisions on which the denial is based, a description of any additional material or information necessary to perfect the claim, and appropriate information about the steps to be taken if you wish to submit the claim for review. If notice of the denial of a claim is not furnished within the 90/180-day period, the claim is considered denied and you must be permitted to proceed to the review stage. 
  • Review procedure. You or your duly authorized representative has at least 60 days after receipt of a claim denial to appeal the denied claim to an appropriate named fiduciary or individual designated by the fiduciary and to receive a full and fair review of the claim. As part of the review, you must be allowed to see all plan documents and other papers that affect the claim and must be allowed to submit issues and comments and argue against the denial in writing. 
  • Decision on review. The Plan must conduct the review and decide the appeal within 60 days after the request for review is made. If special circumstances require an extension of time for processing (such as the need to hold a hearing if the plan procedure provides for such a hearing), you must be furnished with written notice of the extension, which can be no later than 120 days after receipt of a request for review. The decision on review must be written in clear and understandable language and must include specific reasons for the decision as well as specific references to the pertinent plan provisions on which the decision is based. For a plan with a committee or board of trustees designated as the appropriate named fiduciary, a decision does not have to be made within the 60-day limit if the committee or board meets at least four times a year (about every 90 days). Instead, it must be made at the first meeting after the request is filed, except that when a request is made less than 30 days before a meeting, the decision can wait until the date of the second meeting following the plan′s receipt of request for review. If a hearing must be held, the committee can wait to decide until the first meeting after the hearing. However, it must notify you and explain the delay, which can be no later than the third meeting of the committee or board following the plan′s receipt of the request for review. If the decision on review is not made within the time limits specified above, the appeal will be considered denied. If appeal is denied, in whole or in part, you have a right to file suit in a state or federal court.

5. What Are My Rights Under The Law? As a Participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan Participants are entitled to:

  1. Examine, without charge, at the Plan Administrator′s office all documents, including insurance contracts, and copies of all documents filed by the Plan with the U.S. Department of Labor, such as annual reports and Plan descriptions.
  2. Obtain copies of all Plan documents and other Plan information upon written request to the Plan Administrator. The Administrator may make a reasonable charge for the copies.
  3. Receive a summary of the Plan′s annual financial report. The Plan Administrator is required by law to furnish you with a summary of the Plan′s financial report.
  4. Obtain a statement telling whether you have a right to receive a pension at normal retirement age and if so, what your benefits would be at normal retirement age if you stop working under the Plan now. If you do not have the right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once a year. The Plan must provide the statement free of charge.

In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for operating the plan. The people who operate your Plan, called "fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan Participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a pension benefit or exercising your rights under ERISA. If your claim for a pension benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial. You have the right to have the Plan review and reconsider your claim. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan and don′t receive them within 30 days, you may file a suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $100 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Administrator. If you have a claim for benefits that is denied or ignored in whole or in part, you may file suit in a state or federal court. If the Plan fiduciaries misuse the Plan′s money, or if you′re discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, you should contact the nearest Area Office of the U.S. Pension and Welfare Benefits Administration, Department of Labor.

6. Is The Plan Insured By The Pension Benefit Guaranty Corporation (PBGC)?

No. Since the Plan is a defined contribution plan, it is not insured by the PBGC. The PBGC is the government agency that guarantees certain types of benefits under covered plans.

7. Who Is The Agent For Service Of Legal Process?

The agent for service of legal process is: Chief Human Resources Officer, Rhodes College, 2000 North Parkway, Memphis, Tennessee 38112. This document was prepared for the employees of Rhodes College. If there is any ambiguity or inconsistency between the terms of the Plan Document, the individual annuity contracts or the certificates and those of this Summary Plan Description, the terms of the annuity contracts or certificates are final, unless they violate ERISA or other applicable tax law. This document must be accompanied or preceded by a current CREF prospectus. Copies of the CREF prospectus may be obtained by calling TIAA- CREF toll free at 1-800-842-2733.

Employer Identification Number: 62-0476301

Plan Number: 001

Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017
1 800 842-2733

Anonymous (not verified) August 18, 2015