{"id":1020,"date":"2022-05-31T20:21:33","date_gmt":"2022-05-31T20:21:33","guid":{"rendered":"https:\/\/nshe.nevada.edu\/system-administration\/?page_id=1020"},"modified":"2024-10-31T16:08:45","modified_gmt":"2024-10-31T23:08:45","slug":"excess-benefit-plan","status":"publish","type":"page","link":"https:\/\/nshe.nevada.edu\/system-administration\/departments\/finance\/retirement\/excess-benefit-plan\/","title":{"rendered":"Excess Benefit Plan"},"content":{"rendered":"\n<div class=\"wp-block-cgb-scs-card-standard card-standard content-box default-shadow\"><div class=\"content-box-header\"><div class=\"columns\"><div class=\"column\"><h2>Plan History Purpose<\/h2><\/div><\/div><\/div><div class=\"institution-border\"><\/div><div class=\"content-box-body\">\n<p>IRS regulations limit the extent to which participants in retirement plans can benefit from those plans. These limitations reduce the amount of benefit that certain highly paid employees are able to accumulate from amounts they might otherwise be able to accumulate absent the limitations. The Excess Benefit Plan was created in 2000 specifically for employees in this situation. Those employees automatically participate in the Excess Benefit Plan when they reach the benefit limits imposed by the IRS.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cgb-scs-card-standard card-standard content-box default-shadow\"><div class=\"content-box-header\"><div class=\"columns\"><div class=\"column\"><h2>How You Participate<\/h2><\/div><\/div><\/div><div class=\"institution-border\"><\/div><div class=\"content-box-body\">\n<p>A credit will be made to your account equal to the benefit you would have received in the RPA had there been no limitation on benefits reduced by the actual benefit you received in the RPA. You direct how you direct how your plan benefits are invested.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cgb-scs-card-standard card-standard content-box default-shadow\"><div class=\"content-box-header\"><div class=\"columns\"><div class=\"column\"><h2>When You are Eligible to Receive Your Retirement Benefits<\/h2><\/div><\/div><\/div><div class=\"institution-border\"><\/div><div class=\"content-box-body\">\n<p>Within 60 days following your separation from service you will be required to take a full cash distribution of your NSHE Excess Benefit Plan account.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cgb-scs-card-standard card-standard content-box default-shadow\"><div class=\"content-box-header\"><div class=\"columns\"><div class=\"column\"><h2>How Your Benefits Are Paid to You<\/h2><\/div><\/div><\/div><div class=\"institution-border\"><\/div><div class=\"content-box-body\">\n<p>Within 60 days following your separation from service you will be required to take a full cash distribution of your NSHE Excess Benefit Plan account. \u00a0The balance distributed to you will include the amounts contributed under the Plan, inclusive of earnings and\/or losses, if any. \u00a0You will be issued with a Form W-2 that will reflect the distribution. \u00a0To comply with tax laws, federal taxes on supplemental wages will be withheld according to your tax bracket, along with applicable state taxes based on your address of record<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cgb-scs-card-standard card-standard content-box default-shadow\"><div class=\"content-box-header\"><div class=\"columns\"><div class=\"column\"><h2>Resources<\/h2><\/div><\/div><\/div><div class=\"institution-border\"><\/div><div class=\"content-box-body\">\n<a href=\"https:\/\/nshe.nevada.edu\/wp-content\/uploads\/file\/Retirement\/Excess-Benefit415(m)_Sept2016_Plan-Doc.pdf\" class=\"wp-block-cgb-scs-button btn nshe-button btn-fullwidth\" target=\"_self\" rel=\"noopener\"><div class=\"nshe-button-box \"><div class=\"btn-text\" style=\"width: 80%\">Plan Document <span class=\"is-sr-only\"><\/span><\/div><div class=\"btn-icon\" style=\"width: 20%\"><span class=\"fas fa-file-pdf\"><\/span><\/div><\/div><div class=\"nshe-button-bg\"><\/div><\/a>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":637,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"views\/template-1-widget-custom.blade.php","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"folder":[24],"class_list":["post-1020","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/pages\/1020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/comments?post=1020"}],"version-history":[{"count":7,"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/pages\/1020\/revisions"}],"predecessor-version":[{"id":30343,"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/pages\/1020\/revisions\/30343"}],"up":[{"embeddable":true,"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/pages\/637"}],"wp:attachment":[{"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/media?parent=1020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/categories?post=1020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/tags?post=1020"},{"taxonomy":"folder","embeddable":true,"href":"https:\/\/nshe.nevada.edu\/system-administration\/wp-json\/wp\/v2\/folder?post=1020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}