Welcome to the Xavier University Retirement Plans - this is a power point with a voiceover explaining the plans for employees
Participation in the University’s basic retirement plan—administered by TIAA-CREF—is mandatory upon hire. See the schedule below for employee and employer contribution levels.
|Employee contributions||Employer contributions (Based upon Years of Service)|
|Salaried-5%||8.5% (0-5 years)|
|Hourly-2%||9.0% (after 5 years)|
|9.5% (after 10 years)|
|10% (after 20 years)|
Eligibility to contribute to supplemental retirement savings is effective on your first day of Xavier employment, irrespective of basic plan participation.
Annual limits are governed by the IRS: In 2016, the applicable annual limit is $18,000. Employees having attained age 50 or over may elect to contribute up to an additional $6,000 annually.