Page 21 - 2019 Fontbonne
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RETIREMENT
Fontbonne University 403(b) Plan
(Amended and restated as of September 22, 2015)
The Fontbonne University 403(b) plan provides one of the best ways to
save money for retirement while deferring current income taxes. The plan
allows both voluntary and matched contributions (for eligible employees).
Employees must satisfy an eligibility waiting period of two (2) years and
be 21 years of age in order to receive a match from Fontbonne University.
This waiting period is waived if an employee is joining Fontbonne after
being employed by another college, university, or research institution and
was participating in the former employer’s fully vested plan. In addition,
all staff employees who work at least 1,000 hours per year (approximately
20 hours per week on average) are eligible after satisfying the two-year
waiting period.
Once eligible for the plan, Fontbonne University will match pretax
employee contributions into the plan up to 7% of the employee’s salary.
During the eligibility waiting period, employees may contribute on a
pretax basis into the plan without a match from Fontbonne. In addition,
any employee can contribute on a pretax basis immediately following
the effective date of hire (whether or not they will become eligible for
the match in the future, including adjuncts). All contributions, whether
matched or voluntary, are subject to the limits established by the Internal
Revenue Service. There is currently no vesting on voluntary and matched
accounts; in addition, loans are allowed from any employee accumulations.
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.
Fontbonne University 21
21
Fontbonne University 403(b) Plan
(Amended and restated as of September 22, 2015)
The Fontbonne University 403(b) plan provides one of the best ways to
save money for retirement while deferring current income taxes. The plan
allows both voluntary and matched contributions (for eligible employees).
Employees must satisfy an eligibility waiting period of two (2) years and
be 21 years of age in order to receive a match from Fontbonne University.
This waiting period is waived if an employee is joining Fontbonne after
being employed by another college, university, or research institution and
was participating in the former employer’s fully vested plan. In addition,
all staff employees who work at least 1,000 hours per year (approximately
20 hours per week on average) are eligible after satisfying the two-year
waiting period.
Once eligible for the plan, Fontbonne University will match pretax
employee contributions into the plan up to 7% of the employee’s salary.
During the eligibility waiting period, employees may contribute on a
pretax basis into the plan without a match from Fontbonne. In addition,
any employee can contribute on a pretax basis immediately following
the effective date of hire (whether or not they will become eligible for
the match in the future, including adjuncts). All contributions, whether
matched or voluntary, are subject to the limits established by the Internal
Revenue Service. There is currently no vesting on voluntary and matched
accounts; in addition, loans are allowed from any employee accumulations.
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.
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21
