Page 24 - Fontbonne New Hire
P. 24
Retirement
Fontbonne University 403(b) Plan
(Amended and restated as of Once eligible for the plan, Fontbonne University will match pretax
September 22, 2015) employee contributions into the plan up to 7% of the employee’s salary.
The Fontbonne University 403(b) During the eligibility waiting period, employees may contribute on a
plan provides one of the best ways pretax basis into the plan without a match from Fontbonne. In addition,
to save money for retirement while any employee can contribute on a pretax basis immediately following
deferring current income taxes. the effective date of hire (whether or not they will become eligible for
The plan allows both voluntary the match in the future, including adjuncts). All contributions, whether
and matched contributions (for matched or voluntary, are subject to the limits established by the Internal
eligible employees). Revenue Service. There is currently no vesting on voluntary and matched
accounts; in addition, loans are allowed from any employee accumulations.
Employees must satisfy an
eligibility waiting period of two Employees will have an account established at TIAA-CREF, and
(2) years and be 21 years of age contributions will be sent to TIAA-CREF at the end of each month.
in order to receive a match from Each participant is responsible for determining the investments for their
Fontbonne University. This waiting contributions. TIAA-CREF has a wide range of investment options
period is waived if an employee available to participants including a traditional annuity, stocks, money
is joining Fontbonne after being market, bond funds, lifecycle, and mutual funds. There is also a 403(b)
employed by another college, Roth option available to participants.
university, or research institution
and was participating in the former TIAA-CREF’s website offers retirement planning tools as well as online
employer’s fully vested plan. In access to accounts. One-on-one counseling on campus is also available
addition, all staff employees who periodically.
work at least 1,000 hours per
year (approximately 20 hours per
week on average) are eligible after
satisfying the two year waiting
period.
24 2018 New Hire Enrollment
Fontbonne University 403(b) Plan
(Amended and restated as of Once eligible for the plan, Fontbonne University will match pretax
September 22, 2015) employee contributions into the plan up to 7% of the employee’s salary.
The Fontbonne University 403(b) During the eligibility waiting period, employees may contribute on a
plan provides one of the best ways pretax basis into the plan without a match from Fontbonne. In addition,
to save money for retirement while any employee can contribute on a pretax basis immediately following
deferring current income taxes. the effective date of hire (whether or not they will become eligible for
The plan allows both voluntary the match in the future, including adjuncts). All contributions, whether
and matched contributions (for matched or voluntary, are subject to the limits established by the Internal
eligible employees). Revenue Service. There is currently no vesting on voluntary and matched
accounts; in addition, loans are allowed from any employee accumulations.
Employees must satisfy an
eligibility waiting period of two Employees will have an account established at TIAA-CREF, and
(2) years and be 21 years of age contributions will be sent to TIAA-CREF at the end of each month.
in order to receive a match from Each participant is responsible for determining the investments for their
Fontbonne University. This waiting contributions. TIAA-CREF has a wide range of investment options
period is waived if an employee available to participants including a traditional annuity, stocks, money
is joining Fontbonne after being market, bond funds, lifecycle, and mutual funds. There is also a 403(b)
employed by another college, Roth option available to participants.
university, or research institution
and was participating in the former TIAA-CREF’s website offers retirement planning tools as well as online
employer’s fully vested plan. In access to accounts. One-on-one counseling on campus is also available
addition, all staff employees who periodically.
work at least 1,000 hours per
year (approximately 20 hours per
week on average) are eligible after
satisfying the two year waiting
period.
24 2018 New Hire Enrollment
