TC SUNY VDC April Webinar PPT - The State University of New York
TC SUNY VDC April Webinar PPT - The State University of New York
TC SUNY VDC April Webinar PPT - The State University of New York
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Ongoing administration<br />
Manage escrow account<br />
Employer and Employee contributions should be held in an escrow<br />
account until participant is vested. Vesting is equal to 366 days <strong>of</strong> service.<br />
• Plan Administrators or their payroll provider will need to calculate the interest<br />
earned while monies are held in the escrow account using a simple per annum<br />
formula.<br />
Employee Contributions<br />
Total Amount <strong>of</strong> EE Contributions in<br />
a 366 Day Period<br />
X<br />
Interest Rate set by<br />
Law*<br />
X<br />
Annum = 1<br />
Employer Contributions<br />
Total Amount <strong>of</strong> EE Contributions in<br />
a 366 Day Period x 8%<br />
X<br />
Interest Rate set by<br />
Law*<br />
X<br />
Annum = 1<br />
* Please be advised that the interest rate used in the calculation above is set by<br />
<strong>New</strong> <strong>York</strong> <strong>State</strong> Law and is subject to change.<br />
For Institutional Investor Use Only. Not for Use With or Distribution to the Public.<br />
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