NEVADA SYSTEM OF HIGHER EDUCATION

Voluntary Supplemental 403(b) Retirement Plan

These are important details regarding this plan.

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

Expenses vary from investment to investment. To learn about expenses associated with an investment, 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.

DISTRIBUTIONS

You have a variety of options1 when it’s time to take income from this plan:

This plan is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.

This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply.

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. If you have accumulations in other employers' plans, you may be able to transfer or roll them over to this plan to increase your maximum loan amount if this plan accepts rollovers.


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.

C10279