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 />
Determining vesting<br />
Employer contributions are subject to vesting guidelines. You should be<br />
tracking service days for participants in the plan<br />
• <strong>The</strong> vesting period is 366 days. <strong>The</strong>re are two exceptions:<br />
– Vesting is immediate for employees with vested employer-funded retirement<br />
annuity contracts through approved vendors from previous employment.<br />
– Vesting is immediate for employees that are active members <strong>of</strong> ERS or TRS<br />
with at least 366 days <strong>of</strong> service. If less than 366 days in ERS or TRS,<br />
service credit may be applied towards <strong>VDC</strong> vesting.<br />
• During the vesting period, the employee and employer funds will be<br />
held in escrow by the agency. At the conclusion <strong>of</strong> the vesting period,<br />
the agency will apply the required annual interest rate <strong>of</strong> 4% to the<br />
funds held in escrow.<br />
• NOTE: Determination <strong>of</strong> vesting status is contingent upon history provided by the<br />
employee and validated by the agency. Vested employer-funded retirement contracts do<br />
not include 457 plans.<br />
For Institutional Investor Use Only. Not for Use With or Distribution to the Public.<br />
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