Defined Contribution 403(b) Plan
Effective June 1, 2017 our 403(b) Defined Contribution Plan has a new record-keeper, Principal. A Record-keeper is the entity responsible for maintaining participant data, contributions and investment options and for supporting the Plan Sponsor (WHOI) to meet regulatory requirements and filings.
WHOI offers a Defined Contribution 403(b) retirement savings plan. The Defined Contribution 403 plan is a tax-defered 403(b) plan which allows for employees to contribute a percentage (%) of their eligible earnings each pay period on a pre-tax or post-tax basis into the investment options in the Plan that they choose to invest in.
Members of the Defined Contribution Retirement Plan (DCRP) Committee are appointed by the Board of Trustees and have been delegated with the responsibility of administrative and fiduciary oversight of the Plan.