Baylor University Retirement Income Plan - 403(b)
Baylor University provides a defined contribution retirement income plan and a voluntary tax deferred annuity program for faculty and staff. The Baylor University Retirement Income Plan (BURIP) is a “church plan” as defined by the Employee Retirement Income Security Act (ERISA) of 1974. The BURIP is subject to the requirements of Internal Revenue Code section 403(b)(9). The defined contribution plan is not a matching plan. University contributions will be tax deferred, and participants may voluntarily elect to contribute to the Plan on either a tax deferred and/or Roth basis.
Full-time faculty and staff members who are at least 21 years of age, and have completed one year of service with an accredited college or university will be eligible to enroll into the Plan. Part-time faculty and staff members who are at least 21 years of age, and who have either worked the equivalent of 1,000 hours during their first year of employment with the university, or who have worked the equivalent of 1,000 hours during a subsequent calendar year will be eligible to enroll into the Plan.
New Faculty and Staff Members
If you are at least 21 years of age, and have completed one year of service with an accredited college or university, you will be immediately eligible to enroll into the Plan. If you satisfy the age requirement, but have not satisfied the service requirement, then you will need to complete the Prior University Work Experience Form to receive partial credit towards the one year of service requirement.
Baylor University Salary Deferral Plan - 457(b)
Baylor University provides an opportunity for faculty and staff to defer (postpone) receiving and paying income taxes on compensation. The 457(b) Salary Deferral Plan is designed to permit any participant who has maximized their 403(b) elective deferrals with an additional opportunity to save for retirement. Since 457(b) salary deferrals and earnings are assets of the employer, and held in trust until distribution, participants are able to avoid paying federal income tax on these assets until they are distributed from the Plan. GuideStone Financial Resources, SBC is the 457(b) Salary Deferral Plan vendor. Participants are able to invest their salary deferrals in any of the fund choices that are provided to the Baylor University 457(b) Salary Deferral Plan; by GuideStone Financial Resources, SBC.
|BURIP Vendors-403(b)||Helpful Links|
|GuideStone Financial Resources,SBC||BURIP Orientation Sessions|
|The Vanguard Group||BURIP Policy|
|TIAA-CREF||Baylor Retirement Benefits|
|Maximum Contribution Limits for 2014|
|Forms||Part-Time Employee Notification|
|Vendor Designation||Social Security Benefits|
|Salary Reduction Agreement|
|Rollovers, Transfers, Distributions, Etc||Baylor Salary Deferral Plan- 457(b)|