Participation in the University’s basic retirement plan—administered by TIAA—is mandatory upon hire, effective January 1, 2016. See the schedule below for employee and employer contribution levels.
Note, the basic retirement plan re-starts effect January 1, 2021, at a lower level. The mandatory employee contribution will re-start at 1%. The University contribution to employees 403(b) table is below:
|Years of Service||Xavier Contribution|
Eligibility to contribute to supplemental retirement savings is effective on your first day of Xavier employment, irrespective of basic plan participation.
If you have a termination of employment with the Employer (whether voluntary or involuntary) and are later rehired, your prior Years of Service will be disregarded when calculating your Matching Contributions if your break-in-service lasted 6 months or longer.
Annual limits are governed by the IRS: In 2020, the applicable annual limit is $19,500. Employees having attained age 50 or over may elect to contribute up to an additional $6,500 annually.