Events that Affect Participation
It is important that you understand how your retirement benefits are affected if you turn age 65, become totally disabled, or 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 withdraw funds without penalty.
If You Become Totally Disabled
If you should become totally disabled, you will continue to receive the University Core Contribution in effect at the time you become disabled. Your disability benefits, in effect, include the University’s Core Contributions. The contribution will continue to be made for you for as long as you continue to receive disability benefits under the University’s Long Term Disability Plan if you qualify for Social Security Disability Income (SSDI). If you do not qualify for SSDI, the contributions will continue for the first five years you receive benefits under the Boston University Long Term Disability Plan or when your disability benefits under the Boston University Long Term Disability Plan end, whichever is sooner.
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 Core and, if applicable, Matching contributions to the plan will continue. If you are granted a leave of absence at partial pay, the University’s Core and Matching contributions will be based on your reduced eligible compensation.
Core and Matching 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 Core Contributions that would normally have been made during your military leave. University Matching Contributions will also be made provided you make your 1%, 2% or 3% contribution to the Supplemental Retirement and Savings Plan.
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.