Lawrence University sponsors the Lawrence University Retirement Readiness Plan, and has selected Transamerica Retirement Solutions to administer the retirement plan. The plan allows employees to make voluntary employee contributions as soon as administratively feasible. Employees become match eligible upon completing one year of service in which you have worked at least 1,000 hours. The plan provides that Lawrence will make a matching contribution to the plan equal to 200% of the first 4% of pay you contribute to the plan (e.g., an additional 8% of your pay). Employees whose previous employment was with certain qualifying organizations may be eligible for immediate match eligibility. Please fully complete and return the 403b Immediate Match Eligibility Form to Human Resources if applicable. Employee participation becomes mandatory at 4% employee contribution upon reaching age 30 and 2 years of service in which you have worked at least 1,000 hours.
The Lawrence University Retirement Readiness Plan will automatically enroll participants hired on or after September 1, 2017 unless you elect otherwise. The plan's automatic employee deferral rate is 4% of your salary. This will start as soon as administratively feasible after your plan entry date or 30 days after your date of hire, whichever is later.
To make changes to your Retirement Readiness Plan account or to opt-out of automatic enrollment access luretirement.trsretire.com or call 800-755-5801. When accessing your online account the first time, click on "New User? Get started now." under the log-in section. Follow the instructions for the first time users to create a Customer ID and establish a password, and then access your account to elect or change your contribution amount and investment allocations. Additional plan information and tools can be utilized when accessing your online account.
Prior to January 1, 2016, Lawrence provided a defined contribution plan and tax deferred savings plan to eligible participants, which included two (2) vendors -- TIAA-CREF and Fidelity Investments -- providing a variety of investment options. For more information, please refer to Defined Contribution Summary Plan Description or the Tax Deferred Savings Plan Summary Plan Description. Current TIAA-CREF and Fidelity participants may contact Human Resources for the TIAA-CREF and Fidelity Investments for additional resources for either plan.