Page 22 - Fontbonne 2021 New Hire Guide
P. 22
RETIREMENT
Fontbonne University 403(b)
Plan
(Amended and restated as of September 22, 2015).
The Fontbonne University 403(b) plan provides a
great way to save money for retirement while deferring
current income taxes. The plan allows for voluntary
employee contributions (for eligible employees).
Employees may contribute on a pretax or Roth basis
into the plan immediately following the effective date
of hire. All contributions are subject to the limits
established by the Internal Revenue Service. There
is no vesting on voluntary contributions; in addition,
loans are allowed from any employee accumulations.
However, in-service withdrawals are not allowed
unless such withdrawals meet established IRS criteria.
Employees will have an account established at TIAA-
CREF, and contributions will be sent to TIAA-
CREF at the end of each month. Each participant
is responsible for determining the investments for
their contributions. TIAA-CREF has a wide range of
investment options available to participants including
a traditional annuity, stocks, money market, bond
funds, lifecycle, and mutual funds. There is also a
403(b) Roth option available to participants.
TIAA-CREF’s website offers retirement planning
tools as well as online access to accounts. One-on-one
counseling on campus is also available periodically.
22
Fontbonne University 403(b)
Plan
(Amended and restated as of September 22, 2015).
The Fontbonne University 403(b) plan provides a
great way to save money for retirement while deferring
current income taxes. The plan allows for voluntary
employee contributions (for eligible employees).
Employees may contribute on a pretax or Roth basis
into the plan immediately following the effective date
of hire. All contributions are subject to the limits
established by the Internal Revenue Service. There
is no vesting on voluntary contributions; in addition,
loans are allowed from any employee accumulations.
However, in-service withdrawals are not allowed
unless such withdrawals meet established IRS criteria.
Employees will have an account established at TIAA-
CREF, and contributions will be sent to TIAA-
CREF at the end of each month. Each participant
is responsible for determining the investments for
their contributions. TIAA-CREF has a wide range of
investment options available to participants including
a traditional annuity, stocks, money market, bond
funds, lifecycle, and mutual funds. There is also a
403(b) Roth option available to participants.
TIAA-CREF’s website offers retirement planning
tools as well as online access to accounts. One-on-one
counseling on campus is also available periodically.
22
