Retirement Benefits

( Board Policy   425.5 )  

If you have a half-time or greater appointment and are not a student employee, you are eligible for retirement benefits under the university's 403(b)/457(b) defined contribution plans.       

The university will contribute an amount equal to five percent of your regular salary to your retirement account.  As a condition of employment, you are required to make a five percent employee contribution. Required employee contributions are made on a pre-tax basis, providing you with savings on federal and state income tax by lowering your taxable income.   In addition to the mandatory contribution, employees may elect to make voluntary contributions in any amount, subject to the contribution limitations of the Internal Revenue Code.  The university will match your voluntary contributions up to an additional five percent for a total university matching of 10 percent. If you contribute more than 10 percent, the university will still contribute 10 percent. You may elect to make your voluntary retirement contributions in tax deferred dollars or in Roth after tax dollars by completing a Change Retirement Savings transaction in Workday and designating the percentage of your regular salary you want to contribute to your retirement account.  If you elect the tax deferred option, your contributions will be credited to your retirement account before federal and state taxes are deducted. Contributions are subject to limitations under the Internal Revenue Code.  

Employer contributions to the 403(b) plan are vested at the end of 24 consecutive months of employment in a benefits-eligible position.  Employees who work for the university in positions not normally eligible for benefits may participate in the 403(b)/457(b) retirement plan, but they will not receive matching contributions from the university.  

The current funding sponsors for the university's 403(b)/457(b) defined contribution plans are Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA) and Fidelity Investments. You may enroll in both funding sponsors but only one funding sponsor may receive contributions per pay cycle.       

You must complete enrollment for the funding sponsor(s) you choose within 31 days of your appointment.  Your participation will begin on the first day of the month coinciding with or following your enrollment.  

Specific information is available from the benefits section of Human Resources.