Page 288 - 2021-2022 New Hire Benefits

prescription. Unlike a Flexible Spending Account (FSA), the unused contributions are carried forward each year
and the account is portable. Renbrook will not fund any additional portion of the deductible for an
HSA.

An open enrollment period is held each May for all benefit eligible employees. At that time, participating
employees may make changes to their plans and non-participating employees may enroll. New employees are
eligible for coverage on the first day of the month of their employment.

The school’s medical plan is covered under Section 125 of the Internal Revenue Code. As such, employees
may not join or terminate participation in the plan without the benefit of a qualifying event at any time during
the plan year, except during open enrollment. Please see the Business Office for a listing of such events.

Reimbursements are not offered to employees participating in medical insurance programs
elsewhere.

RENBROOK SCHOOL RETIREMENT PLAN

A Summary Plan Description is provided to all eligible employees of the school and outlines in detail the plan
design and function. For purposes of this booklet, the following excerpts have been included for quick
reference.

General
• The plan assets are invested with TIAA. You can contact them at (800)-842-2776 or at www.tiaa.org.
• The school serves as the plan administrator.
• The plan year is January 1 to December 31.

Eligibility
• You automatically become a member of the Plan for purposes of making pre-tax savings contributions
as of the date your employment with the school commences.

• For purposes of receiving School contributions, you become a member of the Plan as of the January 1,
February 1 or August 1 coinciding with or next following the date you meet the requirements (2 years
of eligibility service and attainment of age 21).
A year of eligibility service is the 12-month period beginning on the date the employee’s employment
commences, or an anniversary of that date, in which you are credited with at least 660 hours of
service. You will receive credit for prior service with other 501 (C) (3) organizations as applicable.
• In either case, since School contributions are dependent upon you making contributions, you must
inform Renbrook in writing whether you are going to participate.
• Certain employees are excluded from participation, as described in the Summary Plan Description.

Contributions
• Each plan year you may make pre-tax savings contributions to the Plan through payroll deduction up to
the maximum amount allowed by law.
• Under the terms of the Plan, the School has the option of making contributions to the Plan on behalf of
eligible members of the Plan. These contributions are discretionary and the School will make this
determination on an annual basis. Employees need to contribute to the Plan at an amount equal to 4%
of contractual compensation or, if lower, the rate of contributions made by the School to be eligible for
the School contribution.
• The value of your individual account is always 100% vested.

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