Page 22 - Guide
P. 22
2017 New Hire Guide
Retirement
Fontbonne University Once eligible for the plan, Fontbonne University will match pretax
403(b) Plan employee contributions into the plan up to 7% of the employee’s salary.
(Amended and restated as of During the eligibility waiting period, employees may contribute on a
September 22, 2015) pretax basis into the plan without a match from Fontbonne. In addition,
The Fontbonne University 403(b) any employee can contribute on a pretax basis immediately following
plan provides one of the best ways the effective date of hire (whether or not they will become eligible for
to save money for retirement while the match in the future, including adjuncts). All contributions, whether
deferring current income taxes. matched or voluntary, are subject to the limits established by the Internal
The plan allows both voluntary Revenue Service. There is currently no vesting on voluntary and matched
and matched contributions (for accounts; in addition, loans are allowed from any employee accumulations.
eligible employees). Employees will have an account established at TIAA-CREF, and
contributions will be sent to TIAA-CREF at the end of each month.
Employees must satisfy an
eligibility waiting period of two Each participant is responsible for determining the investments for their
(2) years and be 21 years of age contributions. TIAA-CREF has a wide range of investment options
in order to receive a match from available to participants including a traditional annuity, stocks, money
Fontbonne University. This waiting market, bond funds, lifecycle, and mutual funds. There is also a 403(b)
period is waived if an employee Roth option available to participants.
is joining Fontbonne after being TIAA-CREF’s website offers retirement planning tools as well as online
employed by another college, access to accounts. One-on-one counseling on campus is also available
university, or research institution periodically.
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.
22
Retirement
Fontbonne University Once eligible for the plan, Fontbonne University will match pretax
403(b) Plan employee contributions into the plan up to 7% of the employee’s salary.
(Amended and restated as of During the eligibility waiting period, employees may contribute on a
September 22, 2015) pretax basis into the plan without a match from Fontbonne. In addition,
The Fontbonne University 403(b) any employee can contribute on a pretax basis immediately following
plan provides one of the best ways the effective date of hire (whether or not they will become eligible for
to save money for retirement while the match in the future, including adjuncts). All contributions, whether
deferring current income taxes. matched or voluntary, are subject to the limits established by the Internal
The plan allows both voluntary Revenue Service. There is currently no vesting on voluntary and matched
and matched contributions (for accounts; in addition, loans are allowed from any employee accumulations.
eligible employees). Employees will have an account established at TIAA-CREF, and
contributions will be sent to TIAA-CREF at the end of each month.
Employees must satisfy an
eligibility waiting period of two Each participant is responsible for determining the investments for their
(2) years and be 21 years of age contributions. TIAA-CREF has a wide range of investment options
in order to receive a match from available to participants including a traditional annuity, stocks, money
Fontbonne University. This waiting market, bond funds, lifecycle, and mutual funds. There is also a 403(b)
period is waived if an employee Roth option available to participants.
is joining Fontbonne after being TIAA-CREF’s website offers retirement planning tools as well as online
employed by another college, access to accounts. One-on-one counseling on campus is also available
university, or research institution periodically.
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.
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