What does the term ‘matching funds mean in reference to the retirement plan?
A. Matching Funds is a type of employer contribution to an employee retirement fund in which employee contributions up to a maximum limit are accompanied by identical, or at least proportional, contributions by the employer. Our plans do not have a ‘matching funds’ provision. Please read below for information about DU plans. DU will offer employees a retirement plan and a 401(k). Non-bargaining unit employees are eligible for enrollment into both of these plans at the beginning of each calendar quarter. Neither plan has an established vesting period. An employee self-directs the investment of their money into 26 various mutual funds. The Standard administers both of our plans. The Retirement Plan contributes 11% of your gross wage. This 11% is in addition to your hourly wage. The 401(k) Plan allows employees to self contribute up to the maximum allowed by law into a self-directed retirement plan.
