An amount equal to 3% of employee base pay will be deposited into a 403 (b) tax sheltered annuity managed by the International Pentecostal Church through a Financial Services provider on behalf of the employee. Employees may contribute an additional amount to the plan equal to approximately 13% of the base pay. The money in the employee retirement account belongs to the employee. Employees control, within the provisions of the plan, how the funds are invested and disbursed. The percentage contributed by SCU is discretionary and may be changed with 30 days notice. For more information about the retirement plan, contact the HR Director.
Mandatory retirement age for SCU employees is age sixty-five (65) unless an exemption is granted by the SCU Board of Regents based upon the recommendation of the SCU President’s Cabinet.
Source: Staff Handbook 2013, p15