HR Shares Information About New Roth 403(b) Retirement Plan
In a message to the University's staff and faculty members on Wednesday, Dec. 2, the Division of Human Resources offered information about a new Roth 403(b) retirement plan option for faculty and staff.
Read the Message About the Roth 403(b) Retirement Plan
Dear Saint Louis University Faculty and Staff,
As part of Saint Louis University’s ongoing commitment to enhancing your benefits, we are pleased to announce the addition of a Roth contribution option in your 403(b) Retirement Plan starting Jan. 1, 2021. This change is a direct response to community interest in an additional 403(b) savings option, including a request from the Faculty Senate Compensation and Fringe Benefits Committee and Staff Advisory Committee.
Roth contributions are made after taxes and 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. The tax benefits are similar to a Roth IRA, but Roth retirement plan contributions allow higher contribution limits than a Roth IRA. Roth 403(b) contributions, like the pre-tax contributions you currently make to your retirement plan, will be eligible for a University match after the University has reinstated the 403(b) retirement match. Last May, the University announced a one-year suspension of its 403(b) contribution.
Everyone who participates in the 403(b) Retirement Plan is eligible to make Roth contributions, regardless of your eligibility for an individual Roth IRA. For some participants, a Roth contribution will be preferred. For others, a pre-tax contribution may be preferred. The good news is that starting January 1, 2021, you now have a choice.
There is no cost to elect a 403(b) Roth contribution.
In the coming weeks, you will receive additional communications about the Roth contributions from TIAA. TIAA will also be hosting two webinars in December and January that will provide more information about options to contribute.
How to enroll
On Jan. 1, 2021, you’ll be able to log into your account by clicking here and elect to make contributions into your 403(b) plan using the Roth option. You can also learn more about your plan, update your retirement portfolio, change the direction of future contributions, transfer existing assets and review your beneficiary election.
Online: To learn more about your plan and to update your retirement portfolio online, log in to the secure website.
Phone: If you prefer, you can update your retirement portfolio by calling TIAA at 800-842-2252, weekdays, 7 a.m. to 9 p.m. (CT).
Virtually: To schedule an individual one-on-one session, call 800-732-8353, weekdays, 7 a.m. to 9 p.m. (CT). You can also schedule a meeting online by clicking here.
Sincerely,
Saint Louis University Division of Human Resources