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Open Enrollment For 2022 Benefits Is Now Open, Oct 11 - Oct 29

Open Enrollment is an opportunity for all benefits-eligible employees to enroll in or make changes to their benefits for the upcoming year. Open Enrollment is passive this year, which means if you do not make any changes, you will remain in the same coverage for 2022, except for FSA/HSA elections. Visit 2022 Benefits Open Enrollment: Back TUgether for more info. 

 

 

Retirement Plan Comparison

 

 

Tax-Deferral 403(b) Plan

Staff Plan 403(b)

Faculty and Administrative Plan 403(b)

457(b) Plan

Who's Eligible?

All Employees

Staff Employees

Faculty
and
Administrative Employees

Employees currently earning or expected to earn $210 K during the current year

When Are You Eligible?

Day one of employment

After two consecutive years of employment where you worked at least 975 hours in each year

When you meet or are expected to meet the salary threshold

Contributions

Employee funded

University funded

University funded

Employee funded

How Much Does the University Contribute?

N/A

8% Base Salary

Employees earning less than $80,000:
8% with an additional 2% if the participant contributes 2% voluntarily.

Employees earning more than $80,000:
10%, a 2% participant contribution is mandatory.

N/A

Vesting

100% vested when the account is opened

 

N/A

2020 IRS Maximum Contritbutions

Up to $19,500 annually. Employees who are 50 or older may contribute an additional $6,500

N/A

Compensation limit is $285,000

 

$19,500 for 2020

Within 3 years of normal retirement age (65), you may contribute twice the annual limit for each of those three years ($37K)

Tax Status

100% Tax Deferred

Withdrawal Provisions

Age 59 1/2 or termination (voluntary or involuntary)

Termination (voluntary or involuntary)

Loan Provisions

Permitted - Restrictions Apply

Not Permitted

Investment Options

TIAA-CREF or Fidelity Investments

TIAA-CREF

Asset Allocation and Transfers

Participants may change allocations of funds with each investment company, per company rules, but can only transfer funds from one investment company to another once a year.

Asset Allocations Only

Print version of retirement plan comparison