Administered by TIAA-CREF
Customer Service: 800.842.2252
The University offers a retirement plan under section 403(b) of the Internal Revenue Code (IRC) to enable you to invest in your retirement via the convenience of regular automatic payroll contributions.
Contributions are made on a pre-tax or tax-deferred salary reduction basis, which means that your current taxable income is reduced by the amount of your contributions, and that taxes on those contributions and their investment earnings are deferred until they are paid back to you in the form of retirement benefits or other distributions from these plans. For biweekly-paid employees, retirement contributions will be deducted from each paycheck. Participation in this plan is entirely voluntary.
Employer Match Feature
Appointed employees are eligible to enroll in the Employer Match feature of the Retirement Plan at any time after completing one year of continuous employment with the University. Employees may also waive this one-year service requirement with prior service at another qualified educational institution. This service requirement is defined as a minimum of one year (12 consecutive months) of service and working at least 1,000 hours in that 12-month period. A qualified educational institution (per IRC Section 170(b)(1)(A)(ii)) is defined as an educational organization which normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on.
To participate in the match feature you must contribute 4 percent of your appointed salary to your account in this plan. You may direct your contributions into a wide array of investment options available through TIAA-CREF, the investment company selected by the University to service this plan. Additional contributions are not permitted.
The University will match your 4 percent contributions to this plan with an 8 percent match, for a combined contribution equal to 12 percent of your appointed salary. Vesting of the match dollars is immediate at 100 percent upon enrollment.
Employee Contribution Feature
Both appointed and non-appointed employees may enroll in the employee contribution feature at any time. You may also terminate your participation at any time. A wide array of investment options are available through TIAA-CREF.
Note: Contributions under the employee contribution feature are not matched by the University.
Distributions from this plan are available only upon termination of employment from the University, except for a one-time "in-service" lump sum distribution of up to 10 percent of your account, which you can request at age 59 1/2 or older. Any distribution from this plan that does not qualify as a "periodic payment" under the IRC, or as a qualifying "roll-over" or "direct transfer" to another qualifying retirement plan must be "rolled-over" to an IRA, which can then be used as the vehicle for cash withdrawals.