What retirement plans does Tulane offer?
The university currently offers four retirement plans – Tax Deferred Annuity (TDA) Plan, Staff Retirement 403(b) Plan, Faculty and Administrative 403(b) Plan, and the 457(b) Plan.
What are my options for investment vendors?
Tulane University retirement plan participants may choose either Fidelity Investments or TIAA-CREF as their elected vendor.
Who is eligible for the Tax Deferred Annuity (TDA) Plan?
The Tax Deferred Annuity (TDA) plan is a 403(b), employee funded retirement plan. All employees may enroll in this plan from day one of employment. Contributions are made by you and deducted from your paycheck.
Who is eligible for the Staff Retirement Plan?
The Staff Retirement plan is a 403(b), university funded retirement plan. Staff employees are eligible to enroll in this plan after 2 years of consecutive service, having worked at least 975 hours in each year. After you become eligible, Tulane will contribute 8% of your base salary.
Who is eligible for the Faculty and Administrative Retirement Plan?
The Faculty and Administrative plan is a 403(b), university funded retirement plan. Faculty and Administrative employees are eligible to enroll in this plan after 2 years of consecutive service, having worked at least 975 hours in each year. After you become eligible, Tulane will contribute up to 10% of your base salary. The percentage depends on your annual base salary amount.
Who is eligible for the 457(b) Plan?
The 457(b) plan is an employee funded retirement plan. All employees currently earning or expected to earn $150,000 during the current year are eligible to participate in this plan. Contributions are made by you and deducted from your paycheck. TIAA-CREF is the only investment option that offers this plan.
Why is it a 403(b) and not a 401(k)?
401(k) plans are offered by for-profit companies, 403(b) plans are only available to employees of tax-exempt organizations. The names simply refer to the section of the tax code that outlines these plans.
Do I have to open a Staff or Faculty and Administrative Retirement Plan immediately on my 2 year anniversary?
It is beneficial to be proactive in opening an account in order to receive Tulane’s contributions because the university does not do retroactive payments.
I am a rehire; do I have to wait 2 years before Tulane contributes to my Staff or Faculty and Administrative Retirement Plan?
Rehired employees are eligible immediately if they worked at Tulane for at least 2 consecutive qualifying years.
Contributions: Employee funded vs. University funded
Does the university make contributions to all four retirement plans?
No. Tulane only makes contributions to the Staff 403(b) Plan and the Faculty and Administrative 403(b) Plan.
I would like to make additional contributions to my Staff or Faculty and Administrative Retirement Plan, is this permitted?
No. The Staff Retirement 403(b) Plan and the Faculty and Administrative Retirement 403(b) Plan are university funded plans. You may not personally contribute additional funds to these plans. However, you may contribute funds to a TDA plan only via payroll deductions.
Can I contribute a percentage of my salary to a TDA plan or 457(b) plan? Or must the contributions be flat dollar amounts?
When contributing funds to a TDA or 457(b) plan, you must express your contributions as flat dollar amounts and not a percentage.
Can funds in each of my plans be combined?
No. Funds accumulated under each plan cannot co-mingle with any of the other plans (TDA, Staff, Faculty and Administrative, and 457(b) plans).
Taxes and Distributions
When will I be taxed on the funds in my Tax Deferred Annuity (TDA) plan?
Taxes are deferred on both contributions to the plan and any earnings that accumulate in your account until you take a distribution.
What are the payment options for receiving my funds?
There are several payment options for receiving your funds with Fidelity Investments or TIAA-CREF. You may choose different methods of payment from each company. In addition, under certain circumstances, you may be required to begin the receipt of benefits.
What happens if I die before I start receiving distributions from my retirement plan(s)?
If you die before you begin to receive benefits, your beneficiary(ies) will be entitled to the full current value of your benefit accumulation. There are certain rules and restrictions about choosing a beneficiary(ies) other than a spouse.
How do I enroll in either TIAA-CREF or Fidelity Investments?
Instructions to enroll in either vendor (TIAA-CREF or Fidelity Investments) may be found here.
How do I view, update, or enroll in my retirement benefits?
After you enroll with your elected retirement vendor, you will need to make the necessary updates in HCM. Instructions may be found here.
Where can I find more information on the retirement plans?
More information on the university’s retirement plans may be found in the Retirement Guide.
How do I make an appointment for a one-on-one retirement counseling session with a TIAA-CREF or Fidelity Investments advisor?