Eligible Saint Louis University employees can elect to contribute to a deferred compensation 457(b) plan.
This is not an employer matching plan.
SLU's 457(b) Retirement Plan Eligibility Requirements
The 457(b) deferred compensation plan is offered to officers and deans or any other employees with base earnings scheduled to meet or exceed 125% of the Social Security Wage Base. For 2023, this threshold is $200,250 (based on the 2023 social security wage base of $160,200). If your pay drops below the required threshold, you will no longer be eligible for the 457(b) deferred compensation plan. The maximum contribution limit for this plan is $22,500 for 2023.
TIAA will provide notification if your eligibility status for this plan changes.
How to Enroll Online
Eligible employees may enroll for the 457(b) online through TIAA. Additionally, new participants and employees already contributing to the 457(b) can modify their contribution percentage online through TIAA. If you need further assistance, you can contact a TIAA representative by calling 800-842-2252.
You can begin contributing to the 457(b) plan immediately upon eligibility. You do not need to max out your 403(b) contributions before you can contribute to the 457(b).
Contribution Change Deadlines
Election changes for the 457(b) plan do not follow the same deadlines as the 403(b) plan. Please note, any changes you make to your 457(b) contributions will not take effect until the following month’s payroll. For example, if you change your deferral election in October, it will not go into effect until the November paycheck.
For additional information on the plan, please review the Summary Plan Description. You will need to be logged into your SLU Google account to access the document.