The Employee Retirement Income Security Act of 1974 (ERISA) governs the way 401(k) plans are set up and managed. There are many responsibilities that go with setting up a 401(k) program. For instance, you or someone you select has to determine the investment options employees will get to choose from. You have to monitor the investment's performance as well as the service provided by whomever is administering your plan. ERISA exists to make sure any fees that are charged are "reasonable." Setting up a 401(k) is a complicated procedure governed by many arcane rules. You should never do it without consulting with a qualified tax advisor.
An employee who has been employed full-time by Webster University for at least one year may, in lieu of child and/or spouse/domestic partner benefits, be granted full tuition remission for one degree to whomever he or she may designate, regardless of relationship. The employee may not use this benefit to support a currently or previously enrolled student and the employee who uses this benefit for a person other than spouse/domestic partner or child forfeits the possibility of using either child, spouse/domestic partner benefits at a later date. (This benefit is limited to one designee and enrollment in Webster University courses is subject to space availability.)
Duration of Benefit
The Tuition Remission Policy is applicable only during the time the employee remains with the University. If the full-time staff member is terminated or separates from the University, any tuition remission arrangement in effect will continue only for courses already in progress for the current term/semester.
If however, the employee is totally disabled, retires, or dies while employed by the University, any tuition remission arrangement in effect in lieu of child or spouse/domestic partner benefits will continue until the individual has completed work for the degree he or she is seeking.
The children and spouse/domestic partner of a full-time employee who becomes totally disabled, retires or dies while employed shall continue to be eligible for tuition remission. This applies only to the children and spouse/domestic partner at the time the employee becomes totally disabled, retires or dies.
Part-Time Staff Tuition Remission
Effective June 1, 2016, a part-time staff member is eligible for tuition remission as follows: