Retirement Benefits

Eligibility Requirements for Full-Time Faculty and Staff

Please refer to the Retirement Policy for a detailed explanation of eligibility for collecting retirement benefits.

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.

If you move from a part time to a full time position, HR will calculate an adjusted date of hire that will be used for tuition, retirement eligibility and vacation entitlement. If you previously worked for Villanova and were rehired, previous service may be applied to retirement plan eligibility.

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:

Employee
Contribution
Base University
Contribution
Matching
Contributions
Total University
Contribution

0%

3.5%

0%

3.5%

1%

3.5%

1%

4.5%

2%

3.5%

2%

5.5%

3%

3.5%

3%

6.5%

4%

3.5%

4%

7.5%

5%

3.5%

5%

8.5%

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 The savings and the earnings from SRA investments are not subject to income tax until the benefits are withdrawn.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).

Loans

Loans are available with TIAA-CREF and Vanguard. To request a loan from TIAA-CREF, participants may apply online at www.tiaa-cref.org or call 800-842-2776. For information on how to request a loan from Vanguard, please click here .

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.

 

 

2014 403(b) Employee Contribution Limits

In 2014, you may contribute up to $17,500 to your account in the Villanova University Retirement Savings Plan. If you are age 50 or older, you may contribute an additional $5,500 for a total employee contribution of $23,000. Please contact Mary Beth Green at 9-7954 or marybeth.green@villanova.edu if you have any questions

Benefit Resources

AHA gold seal 2014

Benefits Enrollment System for new hire benefits enrollments and life events changes for current employees.

Notice of Privacy Practices

Pathways brochure provides a summary of the Villanova University Benefits Program.

Villanova Medical Plan Cost Estimator: this tool may help you determine which plan may be the most cost effective given your family’s current health situation. This tool is also available for your iPhone at www.villanovampce.com.

New Health Insurance Marketplace Coverage Options and Your Health Coverage Notice: This notice includes information on how to access the new health insurance marketplace which will be available on October 1, 2013.

Summary of Benefits and Coverage- Premium PPO

Summary of Benefits and Coverage- Value PPO

Summary of Benefits and Coverage- Keystone HMO (in area)

Summary of Benefits and Coverage- Amerihealth HMO (out-of-area)

Employee contribution rates for medical and dental insurance plans.

Employee premium rates for purchase of supplemental life insurance.

Individual Health Care Buyers Guide

Physician Affidavit for Health Screenings