Office of Human Resources

Retirement

403(b) Suspension FAQS

 

Summary Plan Description for the Tax-Deferred Annuity (Supplemental) Plan 

Summary Plan Description for the Defined Contribution (Mandatory) Plan

403(b) Supplemental Retirement Account Contribution Instructions

Defined Contribution Retirement Plan Amendment

 

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
0-5  2.0%
5-10 2.5%
10-20 3.0%
 20+ 3.5%

How to Verify your (Employee) Contribution Percentage and Employer Contribution Percentage Instructions

 

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.

TIAA Web Site

TIAA How-to-Enroll

TIAA One-on-Ones Retirement Counseling

TIAA One-on-Ones Counseling Scheduling Form

403(b) Supplemental Retirement Account Contribution Instructions

Employee Retirement Information Request Form