|
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 |
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: Employees earning more than $80,000: |
N/A |
Vesting |
100% vested when the account is opened
|
N/A |
||
2019 IRS Maximum Contritbutions |
Up to $19,000 annually. Employees who are 50 or older may contribute an additional $6,000 |
N/A Compensation limit is $280,000
|
$19,000 for 2019 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 |