EMPLOYER MATCHING CONTRIBUTIONS
Administrative Staff and members of the Physical Plant and Secretarial/ Clerical bargaining unit are eligible for this voluntary matching program.
For the employer matching program, Wesleyan will make an additional contribution to your retirement plan (up to 3%) if you contribute to a pre-tax or after-tax SRA. This match will be made up to the applicable breakpoint.*
Voluntary contributions to a Supplemental Retirement Annuity (SRA) will be matched by Wesleyan at 50% of the employee contribution up to employee contributions of 6%. For every $1.00 that you contribute up to 6% of your salary, Wesleyan will contribute $0.50. If you are contributing less than 6%, you may want to consider increasing your contribution so that you can maximize the match. If you do not contribute to an SRA, we recommend that you enroll so that you can receive the additional Wesleyan match.
Physical Plant and Secretarial/Clerical Members
For the employer matching program, the same rules apply as above, however, for Physical Plant members, Wesleyan will make an additional
contribution to your pension plan (up to 2%) if you contribute to a pre-tax or after-tax SRA (up to 4%). Effective 7/1/14, for Secretarial/Clerical members, Wesleyan will make an additional contribution to your pension plan (up to 2.5%) if you contribute to a pre-tax or after-tax SRA (up to 5%).
The matching contributions will be deposited into the funds that you have chosen for the basic retirement plan. These contributions will be combined with the employer basic contributions for taxation and payout purposes.
* The breakpoint amount is determined annually on July 1st. This program will be based upon the updated breakpoint amount each year.