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