457(b) Deferred Compensation

Emory's 457(b) Deferred Compensation Plan

Eligibility

University: Regular full-time employees earning 125% of the highly compensated employee rate or more. For 2009 an employee must make $137,500

Eligible Salary From Which Deferrals Can Be Made:

• Regular Earnings
• Summer School
• Summer Research
• Fulton-Dekalb Authority

How to Enroll

• Step 1: Complete the 2009 457(b) Deferred Compensation Agreement detailing your vendor selections and salary reduction amount and submit it to the Benefits Department.
• Step 2: Complete the account application for the vendor(s) you selected: 457(b) TIAA-CREF Enrollment Form, 457(b) Fidelity Custodial Account Application, 457(b) Vanguard Account Application. Submit the completed form to the vendor.
• Step 3 Select funds from the Investment Performance Chart or contact a vendor(s) to schedule a counseling session from Retirement Plan Counseling.

How to Make Changes to the Plan

You can change your contribution amounts by filling out a new 2009 457(b) Deferred Compensation Agreement with new amount and submitting to the Benefits Department.

If you want to add or change vendor selection, fill out a new 2009 457(b) Deferred Compensation Agreement detailing your vendor selections and salary reduction amount, and complete an application for the vendor(s) you select. Submit to the Benefits Department.

Changes are made effective the first of month after receipt.

How to Change Your Beneficiaries

Contact your retirement vendor(s) for changes to the beneficiaries.

Vendors

Fidelity Investments
(800) 343-0860
www.mysavingsatwork.com/atwork.htm

Vanguard
(800) 523-1188
www.vanguard.com

TIAA CREF Financial Services
(800) 842-2888
www.tiaa-cref.org

Descriptions

• Participants defer compensation into investment funds they select.
• Contributions are exempt from federal and state income tax, but FICA taxes are withheld.
• Although investments are selected by participants, funds are owned by Emory until distributed.
• Deferred amounts are not available to participants until termination of employment, except under a “qualified domestic relations order” (QDRO).
• Accounts are subject to federal and state income taxes when distributed.
• Participants select the method and timing of distribution, after termination (distribution must begin by age 70½).

Participation

Deferrals may begin:

• The first of the following month following hire in an eligible status or
• The first of the following month after meeting salary eligibility criteria.

Participants must complete a Deferred Compensation Agreement by the end of the month for the deferrals to be effective for the next month.

Contributions

Employee deferred compensation up to the limit defined by the IRS. Contributions are exempt from federal and state income tax at the time of deferral.

IRS Limits by Year: For 2009 - $16,500

There is a catch up provision for employees within three years of normal retirement age, which is 65. The employee can contribute the lesser of:

• Twice the annual limit or
• The annual limit plus the total amount of underutilized contributions from prior years

Distributions

Employees have up to 90 days after separation from Emory and all other entities (The Emory Clinic, Emory Healthcare or the Emory Children’s Center) to make a one time irrevocable decision on the distribution option and timing of distribution. Federal law does not allow 457(b) money to be rolled to an IRA.

Distribution Options:

(1) Lump sum or (2) installment payments (monthly, quarterly, semi-annual, or annual)

Note:

Hardship Withdrawals are not permitted.

Loans are not permitted.

Transfers from Other Plans

Not permitted.

Plan Information Documents

Retirement Plans FAQs	Retirement Counseling
Investment Performance Chart	457(b) Plan Document

Plan Forms

2009 457(b) Deferred Compensation Agreement	457(b) TIAA-CREF Enrollment Form
457(b) Fidelity Custodial Account Application	457(b) Vanguard Account Application
2010 457(b) Deferred Compensation Agreement

Emory University Benefits

Hours of Operation: Monday through Friday from 8:00 a.m. to 5:00 p.m.
1599 Clifton Road, NE
Atlanta, GA 30322
(404) 727-7613

Disclaimer

Emory reserves the right to terminate, suspend, withdraw, amend or modify the Plan in whole or in part at any time. Further, Emory reserves the right to terminate or modify coverage for any group of employees, active or retired and their dependents or a class of dependents at any time.