Retirement
403(b) Suspension FAQS
Welcome to the Xavier University Retirement Plans - this is a powerpoint with a voiceover explaining the plans for employees
Summary Plan Description for the Tax-Deferred Annuity (Supplemental) Plan
Summary Plan Description for the Defined Contribution (Mandatory) Plan
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 is suspended temporarily due to the COVID-19 pandemic. If you choose to make contributions to your retirement you can self elect changes to your Supplemental Retirement Account via theTIAA Portal.
| Employee contributions | Employer contributions (Based upon Years of Service) |
|---|---|
| Salaried-5% | 8.5% (0-5 years starting) |
| Hourly-2% | 8.5% (0-5 years starting) |
| After 5 years for both salaried and hourly employees, the employer contributions increase. | 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.
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 One-on-Ones Retirement Counseling