Page 22 - Fontbonne 2020 Benefits
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
