Pension and Savings Plan
Pension Plan
KAUST contributes a fixed percentage based on the faculty or staff member's monthly base pay (as per the table below) into this account, which works somewhat like a savings plan in that it provides a pension benefit in the form of a lump sum at the time of retirement.
The vesting period is two (2) years of service, and the vested balance of the account is fully portable following retirement and/or termination of employment with KAUST.
The balance will be offset by the amount of severance, if any.
Savings Plan
KAUST matches employees' contributions to a retirement account established with a third-party financial institution. The University matches the contributions dollar-for-dollar, up to a maximum of 10 percent of the employee's monthly base pay. The account is fully vested from day one and is fully portable following retirement and/or termination of employment with KAUST.