Staff Voluntary 403(b)
You are eligible to immediately make voluntary pre-tax and/or Roth contributions to the Plan if you are a full-time, part-time, visiting, limited, or casual faculty member.
You may receive the university’s matching contribution if you are a full-time or part-time support staff or bargaining unit member after two years of service.
About the Plan
You can make pre-tax and/or Roth contributions to the Plan each pay, from a minimum of $15 per month up to the annual maximum established by the IRS ( $22,500 in 2023).
If you are age 50 or older, you may also be eligible to make “catch-up” contributions (up to an additional $7,500 in 2023).
After two years of full-time or part-time service, you are eligible to receive matching university contributions of 20% on the first 3% of base salary that you contribute.
The IRS has imposed an annual compensation limit of $330,000 in 2023.
You are always 100% vested in all contributions, including those from the university. “Vesting” refers to your ownership of your Plan account.
You can withdraw or transfer the value of your Plan account when you retire or leave the university. You must be fully terminated; including from any part-time, limited-time, visiting, and casual-on-call positions.
While you are still employed by the university, you may withdraw your employee contributions from the Plan, and investment earnings on those contributions, at any time after you reach age 59½. While you are employed by the university, you may withdraw any of your interest in the Plan (including university contributions and earnings) after you reach age 70 ½.
See the Summary Plan Description for additional information on the university’s 403(b) Plan.