Eligibility Requirements for Full-Time Faculty and Staff

After one year of full-time service and attainment of age 21, participation is permitted in the University's Basic, voluntary defined contribution retirement program. Accounts are available with TIAA-CREF and/or The Vanguard Group. If the new employee was employed by a non-profit institution, university, or governmental employer for at least one year immediately prior to employment at Villanova University, and the new employee participated in an employer-funded retirement plan for all or a portion of this employment, the one year requirement will be waived upon providing satisfactory proof to the University of the prior employment and participation.

For employees to participate, they must complete a University Basic Salary Reduction Form and investment carrier application form(s). University contributions are made based on the following schedule:

The University increases the base university contribution to 5% after 10 years of service. Vesting is full and immediate for both employee and University contributions.

Employees also may maintain a TIAA-CREF and/or Vanguard Supplemental Retirement Account (SRA), which provides an additional tax-sheltered option to save for retirement. There is no University contribution to this supplemental program. The savings and the earnings from SRA investments are not subject to income tax until the benefits are withdrawn. All faculty and staff employees are eligible to participate immediately in a SRA, subject to limitations imposed by the Internal Revenue Service.

The University has designated the Vanguard® Target Retirement Fund as the default investment fund for the Plans. If an eligible employee fails to submit investment instructions before the eligibility date, or the instructions given are inadequate, the employee will be enrolled in the Target Retirement Fund based on the employee's projected retirement date (age 65).

Faculty Note:

The Office of Academic Affairs advises Human Resources as to the classification of a faculty member. Faculty members who are not eligible to participate in the Basic Plan include faculty on temporary status, visiting professors with less than three (3) consecutive years of full time service, and adjunct faculty members. Faculty members who are not eligible to participate in the Basic Plan may participate in the Supplemental Plan.

403(b) Plan Notices

• Annual Default Fund Notice
• Target Retirement Fund Fact Sheet
• Annual Effective Notice
• 2010 Villanova University Retirement Savings Plan Summary Annual Report
• 2010 Villanova University Supplemental Retirement Savings Plan Summary Annual Report

DB Funding Notice

• 2010 DB Plan Funding Notice
  

Summary Plan Descriptions

• Basic Plan
• Supplemental Plan
• DB Plan

2009 Form 5500 and Schedule SB, Retirement Income Plan

• 2009 Form 5500 and Schedule SB