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.
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Tax-Deferral 403(b) Plan |
Staff Plan 403(b) |
Faculty and Administrative Plan 403(b) |
457(b) Plan |
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Who's Eligible? |
All Employees |
Staff Employees |
Faculty |
Employees currently earning or expected to earn $210 K during the current year |
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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 |
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Contributions |
Employee funded |
University funded |
University funded |
Employee funded |
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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 |
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Vesting |
100% vested when the account is opened
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N/A |
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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
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$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) |
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Tax Status |
100% Tax Deferred |
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Withdrawal Provisions |
Age 59 1/2 or termination (voluntary or involuntary) |
Termination (voluntary or involuntary) |
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Loan Provisions |
Permitted - Restrictions Apply |
Not Permitted |
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Investment Options |
TIAA-CREF or Fidelity Investments |
TIAA-CREF |
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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 |
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