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Trinity University Defined Contribution Retirement Plan Summary - web trinity

Trinity University Defined Contribution Retirement Plan Summary - web trinity 2025

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The document is a Summary Plan Description for the Trinity University Defined Contribution Retirement Plan, detailing the plan's structure, eligibility criteria, contribution limits, vesting schedules, and retirement income options. It outlines participant rights under ERISA, administrative procedures, and modifications made in accordance with the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). The plan aims to provide retirement benefits through contributions managed by fund sponsors like TIAA-CREF and Fidelity Investments.

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How does a defined contribution retirement plan work?

A 401(k) Plan is a defined contribution plan that is a cash or deferred arrangement. Employees can elect to defer receiving a portion of their salary which is instead contributed on their behalf, before taxes, to the 401(k) plan. Sometimes the employer may match these contributions.

What is the difference between a 401k and a retirement plan?

What is the difference between a 401(k) and a pension? A 401(k) is an employer-sponsored retirement account that allows an employee to divert a percentage of his or her salaryeither pre- or post-taxto the account. A traditional pension plan offers retirees a fixed monthly benefit for the rest of their lives.

What is the difference between a 401k and a defined contribution pension?

A 401(k) is classified as a defined contribution plan while a pension is a defined benefit plan. A defined contribution plan allows employees and employers (if they choose) to contribute funds regularly to a long-term account. The employee chooses how to invest the money from a selection provided by the employer.

How does a defined contribution plan work?

A defined contribution plan, on the other hand, does not promise a specific amount of benefits at retirement. In these plans, the employee or the employer (or both) contribute to the employees individual account under the plan, sometimes at a set rate, such as 5 percent of earnings annually.

What happens to DCPP when you quit?

What happens to DCPP when I quit? You can keep the defined contribution pension plan with your plan provider (typically an insurance or investment company).

What is the disadvantage of a defined contribution plan?

One is that the employee may not have as much money available for retirement as they would have if the company had chosen to offer a defined benefit plan. Another disadvantage is that the employee may be responsible for making investment decisions, which can be risky.

What is the most popular defined contribution retirement plan?

The 401(k) plan is the most popular form of defined contribution plan, although states and local governments may sponsor other types of DC plans, such as 401(a), 403(b), and 457 plans.

What is the US retirement process?

Apply for your monthly retirement benefit any time between age 62 and 70. We calculate your payment by looking at how much youve earned throughout your life. The amount will be higher the longer you wait to apply, up until age 70. The timing is up to you and should be based on your own personal needs.

Trinity University Defined Contribution Retirement Plan Summary - web trinity 2025

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