Page 22 - Fontbonne University 2022 Benefits Guide

RETIREMENT

Fontbonne University 403(b)
Plan

The Fontbonne University 403(b) Plan provides a
great way to save money for retirement. The plan
allows for voluntary employee contributions (for
eligible employees). Employees may contribute on
a Traditional (pre-tax) or Roth (after-tax) basis into
the plan immediately following the efective date
of hire. The plan allows for voluntary employee
contributions (for eligible employees).

All contributions are subject to the limits established
by the Internal Revenue Service (IRS). Loans
are allowed from any employee accumulations.
However, in-service withdrawals are not allowed
unless such withdrawals meet established IRS
criteria.

Employees will establish an account at TIAA-CREF,
and contributions will be sent to TIAA-CREF after
every payroll. 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.

TIAA-CREF’s website ofers retirement planning tools
as well as online access to accounts. One-on-one
counseling is also available.

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