Board of Visitors minutes :: January 29, 1999 :: University of Virginia Library

3.1 Employer Contributions: The Employer shall make a contribution to each Participant's Accumulation Account for the Plan Year an amount equal to 8% of such Participant's Compensation. The timing of such contributions shall be determined by the Employer in its sole and absolute discretion.

3.2 Transfer Contributions: The Plan shall receive only transfers of accrued benefits from the VRS on behalf of a Participant. It shall accept no other transfers or rollovers of any kind. The Administrator shall allocate the transferred amounts described in the preceding paragraph among the various investment vehicles permitted under the Plan pursuant to Section 5. The Participant shall provide such instructions in writing on a form prescribed by the Administrator.

3.3 Annual Limitation on Contributions:

(a) Defined Contribution Limit: In no event shall a Participant's Employer contribution under Section 3.1 above for any Limitation Year exceed the lesser of: (I) $30,000, as adjusted under Code Section 415 (c) (1) (A) ; or (II) twenty-five percent (25%) of the Participant's 415 Compensation.
(b) Participation In More Than One Plan: If the University or the Medical Center maintain another qualified defined contribution plan, as defined in Code Section 414(i), for Employees, some or all of whom may be Participants in this Plan, then any such Participant's Annual Additions in the other Plan shall be aggregated with the Participant's Annual Additions derived from this Plan for purposes of the limitation in Section 3.3(a) above.
(c) Reallocating Excess Contributions: If the limitation in Section 3.3(a) is exceeded, the excess amounts in the Participant's Accumulation Account shall be used to reduce the Medical Center's
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contribution for the next Limitation Year (and succeeding Limitation Years, as necessary) for that Participant. However, if that Participant is not covered by the Plan as of the end of a Limitation Year, then the excess amounts must be held unallocated in a suspense account for the Limitation Year and allocated and reallocated in the next Limitation Year to all of the remaining Participants in the Plan in proportion to what each Participant's Compensation for the Plan Year bears to the Compensation for all such Participants for the Plan Year. In no case may excess amounts be distributed to Participants or Former Participants.
(d) No Exceeding 415 Limit: In no event shall the amount of any benefit or annuity determined under this Plan Section 3 exceed the maximum benefit permitted under Code Section 415.

3.4 Reemployment of Returning Veterans:

(a) Retroactive Contributions: Commencing on October 13, 1996, if a Participant is in qualified military service, as that term is defined under USERRA, and he returns to employment with the Employer within ninety (90) days of the end of his military leave (or such longer period of time as his reemployment rights are protected by law), the Employer shall make the contributions described in Section 3.1 above on behalf of the Participant that he otherwise would have been entitled to but for his. absence due to the military leave.
(b) Limitations: Contributions made pursuant to (a) above shall not be counted for purposes of Section 3.3 during the Plan Year (Limitation Year) when they are made. Rather such contributions shall be counted for purposes of Section 3.3 in the Plan Year to which the contributions relate.
(c) Compensation: For purposes of (a) and (b) above, the Administrator shall treat the Participant as receiving Compensation during the period of qualified military service equal to the amount of Compensation the Participant would have received from the Employer during such period, based on the rate of pay the Participant would have
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received from the Employer but for the absence due to military service, or, if such rate of pay is not reasonably certain, the Participant's average Compensation during (I) the twelve (12) month period immediately before the qualified military service or, (II) if shorter, the period of employment immediately before the qualified military service.
(d) Crediting of Earnings: A Participant who is entitled to a contribution pursuant to (a) above shall not be entitled to receive corresponding retroactive earnings attributable to such contribution.