RETIREMENT PLANNING
As part of 奶糖直播 University's commitment to our employees, the University offers a robust retirement plan, handled by TIAA for all full time and part time employees. 奶糖直播 contributes to the plan and offers matching contributions.
CONTRIBUTIONS
Effective June 1, 2023
| Base 奶糖直播 Contribution | Employee Contribution | Matching Contribution | Total 奶糖直播 Contribution |
|---|---|---|---|
| 3.5% | 0% | 0% | 3.5% |
| 1% | 1% | 4.5% | |
| 2% | 2% | 5.5% | |
| 3% | 3% | 6.5% | |
| 4% | 4% | 7.5% | |
| 5% | 5% | 8.5% |
The University will increase the base University contribution to 5% after 10 years of service. Vesting is full and immediate for both employee and University contributions. The schedule listed above is effective for the 2023-2024 fiscal year. However, the schedule may change at any time at the discretion of the administration.
Employees may contribute up to the dollar limit as determined each year by the Internal Revenue Service. If the employee is age 50 or older, the employee may make an additional 鈥渃atch up contribution鈥� as determined each year by the Internal Revenue Service.
In 2024, you may contribute up to $23,000 to your account in the 奶糖直播 University Retirement Savings Plan. If you are aged 50 or older, you may contribute an additional $7,500 for a total contribution of $30,500. Please email Patti McHugh or call 610-519-7954 if you have questions.
ELIGIBILITY
Faculty and staff may contribute to the 奶糖直播 University 403(b) Retirement Savings Plan upon date of hire. After one year of full-time service and attainment of age 21, eligible full time faculty and staff may receive University contributions. The University selected TIAA as the single record keeper for the plan. Investment funds are available with TIAA and/or The Vanguard Group. If the new employee was employed by a non-profit institution, university, or governmental employer for at least one year immediately prior to employment at 奶糖直播 University, and the new employee participated in an employer-funded retirement plan for all or a portion of this employment, the one year requirement will be waived upon providing satisfactory proof to the University of the prior employment and participation by completing the Prior Employer Certification Form.
If you move from a part time to a full time position, HR will calculate an adjusted date of hire, where appropriate, that will be used for tuition, retirement eligibility and vacation entitlement. If you previously worked for 奶糖直播 and were rehired, previous service may be applied to retirement plan eligibility.
Employees who are not eligible for University contributions may contribute to the plan at any time. Employee contributions that are not matched are considered 鈥渟upplemental鈥� contributions. If an employee makes supplemental contributions to the plan and then satisfies the service and age requirements, TIAA will automatically change the supplemental contributions to 鈥渂asic鈥� contributions so the employee receives the appropriate University base and matching contribution. Employees who are eligible to receive University base and matching contributions may contribute more than 5% to the plan. These contributions are considered 鈥渟upplemental鈥� contributions because they are not eligible for University base and matching contributions. The savings and the earnings from all plan investments are not subject to income tax until the benefits are withdrawn.
Faculty Eligibility Note:
The Office of the Provost advises Human Resources as to the classification of a faculty member. Faculty members who are not eligible to receive University base and matching contributions include faculty on temporary status, visiting professors with less than three (3) consecutive years of full time service, and adjunct faculty members. Faculty members who are not eligible to receive University contributions may make supplemental contributions to the plan.
University contributions are made for part-time employees after completion of two (consecutive or non-consecutive) years reaching 1,000 hours or more. The first year with 1,000 hours is considered the employee鈥檚 eligibility year. Employer contributions will be made at the end of the plan year upon confirmation that the employee has met the eligibility year and completed 1,000 hours of service.
Faculty Eligibility Note:
The Office of the Provost advises Human Resources as to the classification of a faculty member. Faculty members who are not eligible to receive University contributions include faculty on temporary status, visiting professors with less than 3 consecutive years of full time service, and adjunct faculty members.
PLAN DETAILS
HOW TO ENROLL AND MAKE CHANGES
You can enroll and make salary reduction changes online via the
First time users must click on 鈥淩eady to Enroll鈥� and then 鈥淩egister with TIAA鈥� to set up a user name and password. After logging on to the website, employees can select investment funds, designate a beneficiary, and elect an amount to contribute to the plan. Changes can be made at any time by logging onto the website.
Auto Save
Auto Save enables you to choose to have your contribution automatically increase by a certain percent either quarterly, twice a year, or annually. This feature will ensure that your retirement savings continue to increase over time. You can stop automatic increases at any time. Please read the TIAA Auto Save Flyer for more information. Enroll in Auto Save today. Go to and log in to your account. Select ACTIONS at the top of the page and follow prompts for Manage Contributions.
LOANS
The plan permits loans which are repaid through payroll deductions if the loans were approved prior to November 2022. Beginning November 2022, all approved loans will be paid back directly to TIAA via ACH.