401(a) Defined Contribution Plan - Mandatory for all benefit-eligible employees
New benefits eligible employees are required to contribute six percent (6%) of their gross pay into a 401(a) Defined Contribution Plan which will be matched by an additional six percent (6%) provided by the University. Both the employee and employer contributions are fully vested and available to the employee should employment with WVU be discontinued.
Participation is required by West Virginia State law and begins with the employee's first paycheck.
Employees may choose between two available vendors, TIAA-CREF or Great West. The employee determines his/her investment allocation(s) among the many accounts available and maintains control through allocation changes and transfer options within the vendors' systems.
Participants' Eligibility to Receive Retiree Health Insurance Premiums
401 (a) participants must meet the following eligibility requirements to qualify for retiree health insurance premiums: