Welcome to the Xavier University Retirement Plans - this is a powerpoint with a voiceover explaining the plans for employees
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.
|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.