NEVADA SYSTEM OF HIGHER EDUCATION

Welcome to the Mandatory Retirement 403(b) Plan for Medical Residents and Post Doctoral Fellows and your online resource for details about the plan. This Plan provides many advantages you may not get with other types of savings plan and is an important part of a secure financial future.

ELIGIBILITY

All employees engaged in a program for medical residency training or postdoctoral scholarship and exempt from the Public Employees Retirement System in accordance with the Nevada Revised Statues shall be eligible for non-elective contributions and employer contributions.

CONTRIBUTIONS

Non-elective contributions shall be made at the rate based on the Social Security tax rate and equal to a uniform percentage of compensation for each employee who is eligible for non-elective contributions. The non-elective contribution rate vary from plan year to plan year as the Social Security tax rate changes. The initial uniform rate shall be equal to 6.2% of compensation of each eligible employee.

In addition to the non-elective contributions, employer contributions shall be made at a rate based on the Social Security tax rate and equal to a uniform percentage of the compensation of each employee who is eligible for employer contributions. The employer contribution will vary from plan year to plan year based on the changes in the Social Security tax rate, and the initial uniform rate shall be equal to 6.2%

EMPLOYER MATCHING

NSHE does not make any matching contributions beyond the current Social Security tax rate (initially 6.2%) of your regular salary that is required of the plan.

VESTING

"Vesting" refers to employees' right usually earned over time, to receive some retirement benefits regardless of whether or not they remain with the employer. Both your contribution and those of the employer to this account will be 100% vested immediately.

INVESTMENTS

Your employer offers you a variety of investment choices from an array of asset classes. You can see a list of the investment choices under this plan on the Investment Choices page.

EXPENSES

ADMINISTRATION EXPENSES
Pursuant to a bundled service arrangement with TIAA-CREF, NSHE plan participants are charged an annual recordkeeping fee of 0.039% (charged quarterly) out of fund assets. Your recordkeeping fee represent the cost for general administration services that are necessary for the day-to-day operation of your Plan. These services may also include other administrative services such as trustee/custodial services, preparation and distribution of Plan information and materials, customer service representatives, and legal, accounting, and compliance services.

In addition to Plan recordkeeping expenses, The Nevada System of Higher Education is responsible for evaluating the Plan's administrative services and investment options on a regular basis to ensure that they are meeting the System's objectives and performing within established guidelines set by the System. As provided by your Plan, your account is charged an annual fee 0.031% (charged quarterly) out of fund assets for these services.

TIAA-CREF also receives indirect compensation directly from the total annual operating expenses of one or more of the investment options offered under the Plan (for example, through revenue sharing arrangements, Rule 12b-1 fees, sub-transfer agent fees.) These shareholder-type fees are in addition to any plan-wide fees and expenses that may have been charged to your account for general plan recordkeeping and administration services. In order to prevent duplicate charges, these expenses may be periodically reimbursed to participants pursuant to a bundled service arrangement with TIAA-CREF.

INVESTMENT EXPENSES
Fees and expenses for each investment option include the total annual operating expense, which reduces the investment's rate of return, along with any shareholder-type fees. Total annual operating expenses vary from investment to investment. To learn more about the annual operating expenses associated with the investments in your Plan, see a list of the investment choices under this plan on the Investment Choices page,  and read the Fact Sheet or the prospectus for that investment.

TAXATION

Because you make contributions with pretax dollars, federal income taxes are deferred until you begin taking withdrawals later on.

No taxes are due on contributions and earnings until the money is withdrawn, but because these plans are intended primarily for retirement, you can generally withdraw funds only after termination of employment (subject to plan rules).

For additional information and guidance, contact your tax advisor.

LOANS

Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer. How much you can borrow depends on the amount you currently have in the plan and whether you have other outstanding loans.


1 The availability of certain distributions may depend on the type of contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. Talk to your benefits office for details.

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