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Retirement and 403(b) Plans

Saint Louis University employees can elect to contribute to a retirement or 403(b) plan. 

About SLU's 403(b) Retirement Plan

The University retirement plan is a voluntary defined contribution plan. After one year of continuous service (at least 1,000 hours), the University will contribute to the retirement plan for eligible employees only if the employee is participating in the 403(b) plan. The University retirement plan is a voluntary defined contribution plan. Eligible employees can contribute to the 403b Retirement Plan at any time after hire. After one year of continuous service and at least 1,000 hours worked, the University will contribute to the retirement plan for eligible employees if they are making contributions to the 403(b) plan. The University will match two for one up to 4% of your contributions. This means if you contribute 4%, the University will contribute 8%. Please see the chart below which outlines employee vs. employer contributions.

Eligible employees are any person classified as an employee by the University, other than housestaff, adjunct faculty members, an individual whose employment is incidental to his/her education, or a member of a collective bargaining unit (unless the collective bargaining agreement provides for coverage under the retirement plan).

Frequently Asked Questions About the Retirement Plan Match Reinstatement

For payroll periods beginning Jan 1, 2022, the University’s contribution will be based on the employee’s 403(b) contribution as follows:

Employee Contribution Employer Contribution
0 0
.5% 1%
1% 2%
1.5% 3%
2% 4%
2.5% 5%
3%  6%
3.5% 7%
4% (and higher)  8%

 

 

403(b) Plan Details

The IRS maximum contribution for 2022 is $20,500. Employees age 50 or over in 2022 may contribute an additional $6,500. 

The IRS maximum contribution for 2023 will increase to $22,500. Employees age 50 or over in 2023 may contribute an additional $7,500. 

Any non-Roth contributions made to the 403(b) plan are all tax deferred and you are immediately vested in any matching contributions made by the University. Any contributions designated as Roth will be on an after tax basis. Roth contributions grow tax-free in investments you select. You are fully vested at the beginning for contributions you make and matching funds from Saint Louis University.

Frequently Asked Questions About the Roth Option 

For more information on the plans, please review the summary plan descriptions page.

How to Enroll Online

Employees may enroll for the 403b online through TIAA. Additionally, new participants and employees already contributing to the 403(b) can create and modify your contribution percentage online through TIAA.

The vendor calculator is a tool available through TIAA. This will allow you to preview the tax savings you will experience by contributing to the 403(b).

Instructions to Enroll Online

Contribution Change Deadlines

Contribution changes are made directly on the TIAA website and these are received by Saint Louis University on a set schedule per pay period. The timing depends on if you are paid biweekly or monthly. Refer to the table below if you want to make changes to your existing 403(b) contribution elections.

Biweekly

Payroll Cycle Number Check Date First Date to Change Elections Last Date to Change Elections
14 7/15/2022 6/23/2022 7/6/2022
15 7/29/2022 7/7/2022 7/20/2022
16 8/12/2022 7/21/2022 8/3/2022
17 8/26/2022 8/4/2022 8/17/2022
18 9/9/2022 8/18/2022 8/31/2022
19 9/23/2022 9/1/2022 9/14/2022
20 10/7/2022 9/15/2022 9/28/2022
21 10/21/2022 9/29/2022 10/12/2022
22 11/4/2022 10/13/2022 10/26/2022
23 11/18/2022 10/27/2022 11/9/2022
24 12/2/2022 11/10/2022 11/22/2022
25 12/16/2022 11/23/2022 12/7/2022
26 12/29/2022 12/8/2022 12/18/2022
       
       

 

Monthly

Payroll Cycle Number Check Date First Date to Change Elections Last Date to Change Elections
7 7/31/2022 6/17/2022 7/14/2022
8 8/31/2022 7/15/2022 8/16/2022
9 9/30/2022 8/17/2022 9/15/2022
10 10/31/2022 9/16/2022 10/16/2022
11 11/30/2022 10/17/2022 11/15/2022
12 12/29/2022 11/16/2022 12/15/2022
       
       

 

If you received a notice that you are eligible for the 457(b) plan, visit the retirement and 457(b) plan page for more information.