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Are all University of Miami funded retirement plans subject to benefit restrictions effective September 1, 2010?

April 26, 2017benefit effective Miami retirement plans september 1 Subject

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Are all University of Miami funded retirement plans subject to benefit restrictions effective September 1, 2010?

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No. Only the ERP is subject to benefit restrictions as it is a defined benefit plan. The benefit restrictions do not affect the Faculty Retirement Plan or the Retirement Savings Plan as they are defined contribution plans. It is important to remember that in previous years, there was no partial lump sum distribution available to participants in the ERP. This is a new option available to employees who meet the Rule of 70 upon separation from employment at the University of Miami.