Retirement and 403(b) Plans
The University retirement plan is a Safe Harbor, voluntary defined contribution plan. After one year of continuous service (at least 1000 hours), the University will contribute only if an employee is participating in the 403(b) Plan.
Contributions to the 403b plan are all tax deferred, and contributions made by the University are 100% vested immediately. The University's contribution is based on the employee's 403(b) contribution as follows:
|Employee Contribution||Employer Contribution|
|5% (and higher)||10%|
For more information on the plans, please review the Saint Louis University Retirement Plan.
The University 403(b) vendor is Teachers Insurance Annuity Association/College Retirement Equity Fund (TIAA-CREF). TIAA-CREF has joined with Saint Louis University to help prepare University employees for retirement. For almost 100 years, TIAA-CREF has been helping millions of people in the academic, government, medical, cultural and research fields plan for retirement. Together, we offer you options to tailor your plan to your investment style and goals. For more on TIAA-CREF and to enroll for your retirement account, click here.
403 (b) Plan Details
Tax deferred investments are available through salary reduction from TIAA-CREF. All employees are immediately eligible. Employees may enroll for the 403b online at www.tiaa-cref.org/slu. Additionally, new participants must submit to the Benefits Office an Earnings Reduction Agreement (ERA) (linked).
Employees already contributing to the 403b plan may make changes to their contributions by submitting a new Earnings Reduction Agreement to the Benefits Office.
The IRS maximum contribution for 2013 is $17,500. Employees age 50 or over in 2013 can contribute an additional $5,500. Current employees who wish to take advantage of the additional contribution must complete a new Earnings Reduction Agreement (ERA) every year. Completed ERA forms may be faxed to the Benefits Office at 977-1785.
- To calculate what the maximum percentage of salary that you can contribute, divide your targeted contribution by your annual salary. For example, in 2013 an employee with an annual salary of $70,000 will be eligible to contribute 25% of his/her salary, calculated as follows, $17,000/70,000= .25 or 25%.
- All contributions to the 403(b) are made pre-tax. Click on the vendor calculator functions provided below to access tools available on the vendor websites. This will allow you to preview the tax savings you will experience by contributing to the 403(b).
IRS 2013 Notice to Interested Parties
The following attachment is the "2013 Notice to Interested Parties." The Internal Revenue Service requires that the attached Notice be provided to employees as notice that it is the intention of Saint Louis University to submit a routine application to the Internal Revenue Service for determination as to whether the plan meets the qualification requirements of section 401 of the Internal Revenue Code.
For more information about the 403(b) Vendor, take a look at the following Websites
- TIAA - CREF (Saint Louis University designated site
403(b) Vendor On Campus - TIAA-CREF conducts on campus seminars and one-on-one counseling session to further assist employees in better understanding and developing their retirement plans. These sessions are held in the Wool Center, 3545 Lindell Blvd.
TIAA-CREF on Campus
In order to schedule a one-on-one counseling session, click on the above link into the TIAA-CREF website or call 1-800-732-8353 and ask for the scheduling desk. Below are the dates available for one-on-one counseling with the representative from TIAA-CREF.
Retirement Plan Orientation
Eligible Saint Louis University employees interested in learning more about University Retirement plan are welcome to attend a Retirement Plan Orientation. These monthly meetings are presented by a representative from TIAA-CREF and are held at 9:00 a.m. in the Lindell Office Building at 3545 Lindell Blvd.