Waiver of the One Year of Service Requirement
Newly hired employees who participated in a 403(b) Defined Contribution Retirement Plan at any time in their career are eligible to receive a contribution from Drexel prior to their one year anniversary.
To receive this waiver, please provide proof that you have now or have had in the past a 403(b) Defined Contribution Retirement Plan. One of the following items is sufficient:
Current Statement that has the term “403(b)” clearly stated. Please highlight the phrase “403(b)” on the statement.
A letter from either the employer who provided the plan or the investment manager that holds the funds, stating that the plan is a 403(b) plan and that you were enrolled in it. Please make sure the letter identifies you by name, as well as the last 4 digits of your SSN.
A copy of a paycheck stub that states “403(b)” plan.
A copy of the Summary Plan Description from the employer offering the plan that states that the plan is a 403(b) plan, along with a copy of your latest statement with your name on it.
Any other document in your possession, that you did not write, that states that the plan was a 403(b) plan, along with a copy of your latest statement with your name on it.
You may fax the proof to Kristin McCarthy at 215-895-5813 or mail to: 3201 Arch St, Suite 430. If the documentation does not contain confidential information it may be e-mailed to Kristin McCarthy at email@example.com.
Employer Contributions for prior months are not legally permissible unless you are required by Drexel University to participate in the plan. Deadline for any specific month is the first day of the month.
Please enroll in the plan at the same time that you are obtaining the waiver proof. Visit the Drexel Retirement page for enrollment instructions.