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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
|
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
|
$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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