Audience : Regular Full-Time Associates
TAGS: Retirement, Contributions
All regular full-time (RFT) associates contribute to the Exchange Retirement Plan each pay period. This is a required contribution.
Termination for reasons other than Retirement
If the associate has contributed to the retirement plan for less than 3 years, the contributions paid will be refunded to the associate. This refund should appear on the final payroll.
If the associate has contributed to the retirement plan for more than 3 years, the associate must tell us what s/he wants done with the retirement contributions based on 2 choices.
OPTION A – The associate may request a refund of all of his/her contributions, plus accrued interest, from the Exchange Retirement Plan. It will take 4-6 weeks after termination action is processed to receive payment.
OPTION B – (This is the default option if no election is made.) The associate may request that his/her contributions, plus accrued interest, remain in the Exchange Retirement Plan.
Note: This option is mostly used by associates who are expecting to return to Exchange employment or those that paid into the Plan for an extended period and want a Paid-Up Deferred Annuity once qualified.
All associates must complete Exchange Form 1700-009, Notice to End Retirement Plan Participation, at the time of termination and make an election to have contributions paid out or retained.