403(b) Auto-Enrollment Opt-Out
All new employees are automatically signed up to contribute 4% of their earned wages into their own retirement account. This encourages early saving and planning for retirement. After the 2-year waiting period has passed and the University starts contributing 11%, the employee will be saving a total of 15% towards retirement each year.
A new employee may opt-out of this auto-enrollment and receive a refund of all funds previously contributed by completing this form within the first 90 days of employment. If the form is completed after the first 90 days, the employee may opt-out, but will not receive a refund of any funds previously contributed on their behalf.
I acknowledge that if this form has not been completed within 90 days of my start date, I will not receive a refund of funds previously contributed on my behalf.
I choose to opt-out of the auto-enrollment of a 4% contribution towards my retirement account.
If you would like to change your contribution to your retirement account at any time in the future, you can complete the 'Supplemental Retirement Contribution Agreement' available at www.up.edu/hr/forms.
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