Page 17 - 2016 Enrollment
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Retirement
Fontbonne University 403(b) Plan Employees will have an account
(Amended and restated as of January 1, 2016) established at TIAA-CREF, and
contributions will be sent to TIAA-
The Fontbonne University 403(b) Plan provides one of the best ways to CREF at the end of each month.
save money for retirement while deferring current income taxes. The Plan Each participant is responsible for
determining the investments for their
allows both voluntary and matched contributions (for eligible employees). contributions. TIAA-CREF has a wide
range of investment options available
Employees must satisfy an eligibility waiting period of two (2) years and to participants including a traditional
be 21 years of age in order to receive a match from Fontbonne University. annuity, stocks, money market, bond
This waiting period is waived if an employee is joining Fontbonne after funds, lifecycle, and mutual funds.
being employed by another college, university or research institution and There is also a 403(b) Roth option
available to participants.
was participating in the former employer’s fully vested plan. In addition, TIAA-CREF’s website offers retirement
all staff employees who work at least 1,000 hours per year (approximately planning tools as well as online
20 hours per week on average) are eligible after satisfying the two year access to accounts. One-on-one
waiting period. counseling on campus is also available
periodically.
Once eligible for the plan, Fontbonne University will match pretax
employee contributions into the plan up to 7 percent 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.
2016 Employee Benefits Guide
Retirement
Fontbonne University 403(b) Plan Employees will have an account
(Amended and restated as of January 1, 2016) established at TIAA-CREF, and
contributions will be sent to TIAA-
The Fontbonne University 403(b) Plan provides one of the best ways to CREF at the end of each month.
save money for retirement while deferring current income taxes. The Plan Each participant is responsible for
determining the investments for their
allows both voluntary and matched contributions (for eligible employees). contributions. TIAA-CREF has a wide
range of investment options available
Employees must satisfy an eligibility waiting period of two (2) years and to participants including a traditional
be 21 years of age in order to receive a match from Fontbonne University. annuity, stocks, money market, bond
This waiting period is waived if an employee is joining Fontbonne after funds, lifecycle, and mutual funds.
being employed by another college, university or research institution and There is also a 403(b) Roth option
available to participants.
was participating in the former employer’s fully vested plan. In addition, TIAA-CREF’s website offers retirement
all staff employees who work at least 1,000 hours per year (approximately planning tools as well as online
20 hours per week on average) are eligible after satisfying the two year access to accounts. One-on-one
waiting period. counseling on campus is also available
periodically.
Once eligible for the plan, Fontbonne University will match pretax
employee contributions into the plan up to 7 percent 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.
2016 Employee Benefits Guide
