You are eligible to immediately make voluntary pre-tax contributions to the Plan if you are a full-time, part-time, visiting, limited, or casual faculty member.
You are eligible to receive the university’s contribution to the Plan if you are a full-time or part-time faculty member who is age 35 or older; or if younger than 35 has completed two years of service.
About the Plan
You can make pre-tax contributions to the Plan each pay, from a minimum of $15 per month up to the annual maximum established by the IRS ($19,500 in 2020 and 2021).
If you are age 50 or older, you may also be eligible to make “catch-up” contributions (up to an additional $6,500 in 2020 and 2021).
You will receive contributions from the university beginning at age 35 or if younger than 35 when you have completed two years of service.
Ordinarily, faculty hired prior to July 1, 2011 would receive contributions equal to 6% of your base salary, increasing to 12% when you reach age 35.
If hired July 1, 2011 or later, you are a 6/12 Plan participant if your position is on this list. You will receive contributions equal to 6% of your base salary, increasing to 12% when you reach age 35. If your faculty position is not on the list above, you will receive contributions equal to 4% of your base salary, increasing to 8% when you reach age 35.
The IRS has imposed an annual compensation limit of $285,000 in 2020 and $290,000 in 2021.
You are always 100% vested in all contributions, including those from the university. “Vesting” refers to your ownership of your Plan account.