What is Plan B?
Plan B is a plan for non-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 B?
Yes, if you are a regular full-time faculty member or other academic employee of the University who is a non-U.S. Citizen or Resident Alien Employee.
What do you mean by "Regular"?
Regular means full-time academic personnel appointed for one academic year or more.
How do I enroll or participate in the Program?
By signing an enrollment form in which you specify your investment choice(s) through the carrier.
When do I enroll?
Upon the signature of your contract or within the shortest delay thereof (one month).
How much do I 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 12 ½ 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.
What kind of benefits do I get under the Plan upon terminating my services with the University?
You will get i) the total balance of your Account (Employee + Employer Contributions) as of the date of your termination of service in the form of a single lump sum cash in U.S. Dollars.
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 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.
In case I am on approved leave without pay, do I need to contribute to the Plan?
Your contributions may or may not be continued. If continued, the calculated total amount of your contribution should be paid in advance.
During such leave, is there any University contribution?
No, there will be no contribution to the Plan from the University during such leave.
May I select more than one investment portfolio at a time?
No, you may select only one investment portfolio at a time.
May I select an investment portfolio and “A La Carte" funds at the same time?
No, you either invest 100% in one of the portfolios or a total of 100% in 1 or more of the funds under the “A La Carte" Investment Funds.
How do I make investment changes?
Once you are enrolled online you will be able to make changes over the Internet at the GGSI website.
How often can I make investment changes?
It is advisable not to exceed one change per month.