Events that Affect Participation
It is important that you understand how your retirement benefits are affected if you turn age 65, become totally disabled, take a leave of absence.
If You Turn Age 65
When you turn age 65, you have full access to the funds in your BU Retirement Plan. You may transfer or withdrawal funds without penalty.
If You Become Totally Disabled
If you should become totally disabled, you will be eligible for a waiver of your required contributions to this plan. Your disability insurance, in effect, pays your required contributions and the University’s contributions. The contribution will continue to be made for you for the duration of the disability if you qualify for Social Security Disability Income (SSDI). If you do not qualify for SSDI, the contribution will continue for the first five years of your disability.
The University pays the entire cost of this protection for you.
If You Take a Leave of Absence
If you are granted a leave of absence at full pay, the University’s and your normal contributions to the plan will continue. If you are granted a leave of absence at partial pay, the University’s and your contributions will be based on your reduced base salary.
Your contributions will stop if you are granted an unpaid leave of absence. However, they will start again, automatically, with the first paycheck you receive when you return.
If you are granted a military leave of absence, the University will, upon your return (while you are protected by veterans’ reemployment laws), contribute to the plan an amount representing the contributions that would normally have been made during your military leave, provided you make the required employee contributions.
Remember, if you leave work for any reason for a prolonged period of time, you should always contact Human Resources to ask what effect your absence may have on this and other University-sponsored benefits plans.