What is Plan A?
Plan A is a plan for U.S. Citizens or Resident Alien employees of the University. It is intended to encourage employees to make and continue careers with AUB and to provide them with retirement benefits.
Can I participate in Plan A?
Yes, if you are a regular full-time faculty member or other academic employee of the University who is a U.S. Citizen or Resident Alien Employee.
What do you mean by "Regular"?
Regular means full-time academic personnel.
How do I enroll or participate in the Program?
By signing an enrollment and a beneficiary designation form in which you specify your investment choice(s) and your beneficiaries.
When do I enroll?
Upon the signature of your contract or within the shortest delay thereof (one month).
How much do I contribute?
To be entitled to employer contributions, you must contribute at least 5% of your monthly compensation. The 5% will be withheld monthly by Payroll deduction.
How much does the University contribute?
The University contributes 10 percent of your monthly compensation for each month of active participation.
Can I contribute more than 5%?
Yes, you may contribute more than 5% with the understanding that the amount above 6% will be subject to Lebanese Income Tax.
If I opt not to join the Retirement Program, what benefit do I get upon terminating my services with the University?
If you are not a participant in the Plan, you will not be entitled to any termination benefits nor your beneficiary (ies).
Can I stop contributing?
Yes, you can suspend your contributions to the Plan. If you opt to do so, the University contributions will also cease; however, your balance will remain invested in your investment selection and cannot be collected. To suspend your contributions, a form must be filled out at the Benefits Office.
If I stop making contributions towards the Plan, when can I start again?
You can start in October of every year or as approved by the Plan Committee.