RETIREMENT SAVINGS

Initial Eligibility:

You become eligible for employer matching contributions after completing one year of service with at least 1,000 hours worked, as defined by the Plan. 

Match Effective Date:

The matching contribution becomes effective the pay period after you meet both requirements.

Continued Eligibility:

Once you meet the initial service and hours requirements, you remain eligible for the match for the rest of your employment with National University. 

Match Structure:

The matching contribution that applies to you depends on your hire date and employment status. 

• Please note: Employer matching contributions are calculated per paycheck and are not adjusted at the end of the year. Contributing regularly throughout the year helps ensure you receive the full match.

Ongoing Measurement of Hours:

• Annual Measurement Period: If you do not meet the 1,000-hour requirement during your first 12 months of employment, your hours will be measured over each subsequent Plan Year (January 1 through December 31).
• Match Start Date: Once you reach 1,000 hours in a Plan Year, employer matching contributions begin on the first of the month following the month in which you meet the requirement.
• Example: An employee hired on 5/1/2025 worked 560 hours in their first year from 5/1/2025-4/30/2026, which did not meet the 1,000-hour requirement. Then, in year two, the employee works 1,100 hours from 1/1/2026-12/31/2026 during the annual measurement period. Therefore, they will be eligible for match beginning 1/1/2027.

Vesting determines the portion of employer contributions you “own” if you leave the University. You are always 100 percent vested in your own contributions.

As defined by the Plan, you must complete one year of service with at least 1,000 hours worked to begin vesting in employer contributions. The vesting schedule that applies to you depends on your hire date and employment status.

This employer match structure and vesting schedule applies to:

• Employees newly hired on or after January 1, 2026 who are not classified as temporary or work study. 
• Employees rehired on or after January 1, 2026.

Matching Contributions:

Employees become eligible for employer matching contributions after completing one year of service with at least 1,000 hours worked. Once eligible, National University will match your contributions dollar for dollar, up to 6 percent of your eligible compensation. Employer matching contributions are made on a pre-tax basis, regardless of whether you choose pre-tax or Roth employee deferrals.

• 1% employee contribution: 1% employer match
• 2% employee contribution: 2% employer match
• 3% employee contribution: 3% employer match
• 4% employee contribution: 4% employer match
• 5% employee contribution: 5% employer match
• 6% employee contribution: 6% employer match

Vesting:

You must complete one year of service with at least 1,000 hours worked to begin vesting. Employer contributions will follow a four-year graded vesting schedule:

• Less than 1 year of service: 0% vested
• 1 year completed: 25% vested
• 2 years completed: 50% vested
• 3 years completed: 75% vested
• 4 years completed: 100% vested

This employer match structure and vesting schedule applies to:

• Employees hired before January 1, 2026 who are not classified as temporary or work-study.

Matching Contributions:

Employees become eligible for employer matching contributions after completing one year of service with at least 1,000 hours worked. Once eligible, for each percentage of pay you contribute, the University contributes an additional percentage, up to a maximum employee contribution of 6%. Once you contribute 6% of your pay, you receive the maximum employer match of 7%, for a combined total contribution of 13%. Employer matching contributions are made on a pre-tax basis, regardless of whether you choose pre-tax or Roth employee deferrals.

• 1% employee contribution: 2% employer match
• 2% employee contribution: 3% employer match
• 3% employee contribution: 4% employer match
• 4% employee contribution: 5% employer match
• 5% employee contribution: 6% employer match
• 6% employee contribution: 7% employer match

Immediate Vesting:

Employees are fully vested in the employer match as soon as they receive it.