Navarro College Retirement Plan and Trust

Navarro College initiated the Navarro College Employee Retirement Plan and Trust in 1976 to help employees save for retirement. NC employees are eligible to participate in the Plan after completion of one year of full-time employment at Navarro College. Plan entry dates are March 1st and September 1st each year.

Navarro College employees contribute five percent (5%) of their salary to the Plan, and Navarro College matches that with an additional eight percent (8%).  The Retirement Plan funds are invested in stocks and bonds through Community National Bank and Trust.  Individual statements are delivered to participants twice per year.

Employee contributions are always 100% vested and the college match follows the vesting schedule shown below:

 

VESTING SCHEDULE FOR EMPLOYER CONTRIBUTIONS

FULL YEAR OF PARTICIPATION IN PLAN

VESTED PERCENT

LESS THAN 1 YEAR

0%

1 YEAR BUT LESS THAN 2

20%

2 YEARS BUT LESS THAN 3

40%

3 YEARS BUT LESS THAN 4

60%

4 YEARS BUT LESS THAN 5

80%

5 YEARS OR MORE

100%

 

We want to encourage new plan participation, but we also want to point out that current employees who participate in the Retirement Plan may also request distributions of their employee-contributed funds (for a $100 processing fee), make address or beneficiary changes, or even discontinue contributions during these two intervals per year.  

 

Download/Print the NC Retirement Plan and Trust Summary