No one could have predicted a global event like COVID-19 would so dramatically change our lives in such a short time. Like many other educational institutions, the economics of how we operate is changing quickly. In an effort to adjust to the current climate, we have made the difficult decision to reduce the level of contributions made on your behalf into the Worcester Polytechnic Institute Defined Contribution Plan beginning July 1, 2020.
WPI currently contributes money to your Plan account equal to 11% of your annual compensation. The Plan will be amended, effective July 1, 2020, to reduce WPI’s “matching” non-elective contribution to 8% of your compensation for the remainder of 2020. The amendment will only apply to pay periods beginning on and after July 1, 2020, and does not affect any contributions you received before July 1, 2020. If you are subject to the mandatory employee contribution, the mandatory contribution amount will not change in 2020.
It is important to note that the reduction will not limit your ability to manage your account, investments, or change how and when you can access your money. The Plan has many benefits, tax advantages, and features that can help you as you save for retirement. As always, please keep your long-term goals in mind when saving for retirement.
If you wish to make changes to your voluntary contribution, you can do so at any time by logging into Workday and following these steps.
Additional questions regarding these changes can be directed to firstname.lastname@example.org.
Jeff Solomon, Executive Vice-President and CFO
Michelle Jones-Johnson, Vice President for Talent & Inclusion