You are eligible to participate in the Plan on the first day you are employed with the University if you are a full-time faculty or staff member and are not:
You are automatically enrolled in the Plan on the first day of employment and the University will start making contributions to an account in your name.
When you are enrolled in the Plan, you must name your beneficiary to receive your benefits in the event of your death. Your beneficiary may be your estate, a trust or any person you designate. You may also want to consult with a lawyer or financial professional to better understand the legal and investment consequences of your designation. Either download the Beneficiary Designation form from this site or obtain a copy from the KAUST Human Resources Department. Once you have completed and signed the form, return it to:
Human Resources Department
4700 King Abdullah University of Science and Technology
Kingdom of Saudi Arabia
Or email to: Benefits@kaust.edu.sa
If you are married, your beneficiary must be your spouse, unless your spouse consents to a different beneficiary in writing. The Beneficiary Designation form must be signed by your spouse and witnessed by a member of the KAUST Human Resources Department for the consent to be valid.
If you are not married, you can name any beneficiary you want.
If your named beneficiary is not living at the time of your death, or you failed to name a beneficiary, your benefits will be paid to the first surviving person in the order specified below:
If you were hired prior to December 31, 2015:
Your vesting service is measured on a calendar year. You will become 100% vested when you complete three (3) years of vesting service. A year of vesting service is a calendar year in which you complete at least 1,000 hours of service. For each calendar month during which you work at least one day, you will be given credit for 190 hours of service. You will automatically become 100% vested if you:
If you were hired after January 1, 2016:
Your vesting service is measured on a calendar month (all references to months, quarters or years are based on the Gregorian calendar). You will become 100% vested when you complete thirty-six (36) months of vesting service. You will automatically become 100% vested if you: