Page 16 - 2022 Elon Benefits Guide

Retirement Plan

Elon University’s 403(b) retirement plan, Retirement Choice Plan
(RC) (also referred to as “Elon University Defined Contribution
Plan” or the “Defined Contribution Plan”), with Teacher’s For More Information
Insurance Annuity Association (TIAA) provides an opportunity for More detailed information
eligible participants to contribute a percentage (4%) of their regarding TIAA can be found on
annual base salary (pre-tax) with the university contributing a the Human Resources website or
portion (8%) of the employee’s annual base salary. Participation on the TIAA investment choices
is mandatory for all active, full-time faculty/staff who have website.
satisfied a one-year waiting period.
Human Resources Website
The university’s plan allows for the waiver of the one-year waiting https://www.elon.edu/u/bft/hr/bene
period if an employee is coming from an “eligible employer” and fits/retirement/retirement-plan/
has participated in their retirement plan for at least one year. An TIAA Investment Choices
eligible employer is defined as any educational organization, Website
teaching institution or an institution of higher education. Please
note that a Statement of Previous Participation must be www.tiaa-cref.org/elon
completed in order to waive the waiting period.

All employees are eligible to participate in the Retirement Choice
Plus (RCP) offered through TIAA (also referred to as the “Elon 403(b) Elective Deferral Limit
University Tax Deferred Annuity Plan” or the “Tax Deferred The 403(b) contribution limit is $20,500* for
Annuity Plan”). Please note that this is a voluntary benefit. The 2022. If you are age 50 or older, you may make
university does NOT contribute to the TIAA Supplemental or an additional catch up contribution. The
ROTH plans. maximum catch up contribution is $6,500*.

*subject to change

15 Elon University 2022 Employee Benefits Guide