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Retirement Plans

Barry University offers a 401K Retirement Plan for its employees. TIAA and AIG are the two companies employees may choose from.

All new employees (excluding leased employees, part-time temporary/seasonal employees, full-time student/employees, work study students and adjunct faculty) may begin participating in the retirement plan on the first of the month following date of hire of full time employment. Employees will not receive Barry's contribution until they have been employed at Barry University for 1 (one) year.

Note: The one year wait period will be waived for any employee who has completed one year (12 consecutive months) of service preceding their employment commencement date with any for profit or not for profit accredited institute of higher education (documentation will be required).

Part-time employees must have worked a minimum of 1000 hours during the past 12 (twelve) month period to be eligible to receive Barry's contribution (hours will be verified by the Payroll Department).

Employees have the option of electing to have their contributions taken out on a pre-tax basis or an after-tax basis. Once the election is made it will remain in effect for the entire plan year (January through December). Employees will receive an email annually giving them the option of changing from either post tax to pre-tax or pre-tax to post tax for the upcoming year. Any employee wishing to make a change must make their election in Workday prior to the new year in which they wish the change to occur.

Employees can change their retirement contribution percentage amount at any time during the year by submitting a Retirement Benefit Change Election in Workday. All changes are effective on the first of the following month.

Retirement Plans - Contribution Schedule

Once an employee has met the one year of service requirement, the University will contribute a Safe Harbor Contribution based on the percentage the employee contributes. The Contribution Schedule is as follows:

Employee Contribution

Employer Match Safe Harbor

0.00%

0.00%

1.00%

1.00%

2.00%

2.00%

3.00%

3.00%

4.00%

3.50%

5.00%

4.00%

The employee's contribution and Barry's Safe Harbor contribution are not subject to vesting.

The maximum amount an employee can contribute on an annual basis is determined by the IRS every year. Employees over the age of 50 are also allowed to contribute an additional "catch-up" amount also determined by the IRS. The IRS limit for 2020 is $19,500 (under age 50) and $26,000 (over age 50). Employees wishing to contribute the maximum amount must submit a Retirement Benefit Change Election in Workday and enter the percentage they wish to contribute. The percentage amount will remain in effect unless the employee submits another Retirement Benefit Change Election

Employees may take loans from their retirement account. The minimum amount allowed for a loan is $1,000 and the maximum outstanding loans an employee is allowed to have is 3 (three). Employees need to contact the retirement company directly to see if they qualify for a loan and to obtain and complete the necessary paperwork. Employees who are married must have their spouse sign the form in front of a notary before the form can be approved. All loans must be approved by our Plan Administrator, Diane Emery. She can be reached at 305-899-2906.

The IRS allows employees to take hardship withdrawals but only in cases of severe financial hardships. The following are the only qualifying events that the IRS permits an employee to take a hardship for: 1. Expenses for medical care for the employee or the employees spouse, children or dependents (as defined in section 152) 2. Costs directly related to the purchase of a principal residence. 3. Payment of tuition, related educational fees, room and board expenses for up to the next 12 months of post-secondary education for the employee or the employee's spouse, children or dependents (as defined in section 125). 3. Payments necessary to prevent the eviction of the employee from the employee's principal residence or foreclosure of the mortgage on that residence. 4. Payments for burial or funeral expenses for the employee's deceased parents, spouse, children or dependents (as defined in section 152). 5. Expenses for the repair or damages to the employee's principal residence that would qualify for the casualty deduction under section 165.

Employees need to contact the retirement company directly to see if they qualify for hardship and to obtain and complete the necessary paperwork. Employees who are married must have their spouse sign the form in front of a notary before the form can be approved. Employees are required to provide supporting documentation for all hardships and must also complete and sign the Internal Hardship Withdrawal Form. All hardship withdrawals must be approved by our Retirement Plan Administrator, Diane Emery. She can be reached at 305-899-2906.

Retirement Strategies Seminar September 17, 2019 CAPTRUST Advisor Contact Information CAPTRUST Financial Advisors PowerPoint Presentation CAPTRUST Financial Advisors Recorded Session AIG Retirement Contact Information TIAA Contact Information Retirement Summary Plan Description Retirement Adoption Agreement Retirement Adoption Signature Pages Retirement Plan Document 403B Retirement Plan Fee Disclosure 401K Retirement Plan Fee Disclosure Safe Harbor Notice to Employees for 2020 Investment Policy Statement The Benefits of Participating in Retirement 401K Plan 150522 403b Summary Plan Description

Human Resources Department
Telephone: (305) 899 3675
Fax: (305) 899 3679