WSU Intercollegiate Athletics Association 403(b) Retirement Plan

ICAA

ICAA Retirement Plan Summary

ICAA Mandatory Retirement Plan

A. PARTICIPATION

All WSU Intercollegiate Athletics Association, Inc. (“ICAA”) benefits-eligible employees are required to participate in ICAA’s Mandatory Retirement Plan (“Mandatory Plan”).

B. ENROLLMENT

New employees must complete the Mandatory Plan Investment Agreement Election Form at the time of hire.
New employees will be reminded to contact the investment provider, Voya, to open their account near the end of the one (1)-year waiting period.

C. CONTRIBUTIONS

Employee contribution: 5.5% of eligible compensation.
ICAA contribution: 8.5% of eligible compensation.

D. WAITING PERIOD

A one-year (365 day) waiting period applies before enrollment.
New employees may request a waiver of the waiting period if, within the preceding five (5) years, they have completed at least one (1) full year as a contributing participant in an employer-contributing retirement plan at a U.S. institution of higher education.

E. WAIVER REQUEST PROCESS

To request a waiver, the following must be submitted to totalrewards@wichita.edu within ninety (90) days of the employee’s first day of employment:

Immediate Participation Form (completed by the new employee).
Documentation of Service Form (completed by the employee’s previous employer).

F. VESTING

Once the waiting period is served or waived, employees are immediately vested at 100%.

ICAA Voluntary Retirement Plan

A. PARTICIPATION

Employees may contribute above the mandatory amount required by the Mandatory Retirement Plan by enrolling in the Voluntary Retirement Plan.

B. ENROLLMENT

Before submitting the Investment Agreement Form to HR, participants must contact the investment provider, Voya, directly to open an account.

C. CONTRIBUTIONS

Minimum: 1% of base annual salary.
Maximum: Up to the current IRS annual limit.
No employer contribution is provided in the voluntary plan.
Participants may start, stop, or change contributions at any time by submitting a new Investment Agreement Form to totalrewards@wichita.edu. Changes will be effective the first full pay period following receipt of the investment agreement form.

Counseling / Enrollment Sessions

Voya is the investment provider for the retirement plans. The plans have several financial representatives that can assist participants with counseling and enrollment. They are available Monday-Friday for individual appointments on campus or virtually and can schedule by email, phone or by using the scheduling link.

Leo J. Wetta Leo.Wetta@voyafa.com

Daniel J. Wetta Daniel.Wetta@voyafa.com

316-686-2428 or toll free 866-686-2422