Villanova University 403(b) Retirement Savings Plan

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

 

Faculty and staff may contribute to the Villanova University 403(b) Retirement Savings Plan upon date of hire. After one year of full-time service and attainment of age 21, eligible full time faculty and staff may receive University contributions. The University selected TIAA-CREF as the single record keeper for the plan. Investment funds 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 by completing the Prior Employer Certification Form.

If you move from a part time to a full time position, HR will calculate an adjusted date of hire, where appropriate, 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.

Employees who are not eligible for University contributions may contribute to the plan at any time. Employee contributions that are not matched are considered “supplemental” contributions. If an employee makes supplemental contributions to the plan and then satisfies the service and age requirements, TIAA-CREF will automatically change the supplemental contributions to “basic” contributions so the employee receives the appropriate University base and matching contribution. Employees who are eligible to receive University base and matching contributions may contribute more than 5% to the plan. These contributions are considered “supplemental” contributions because they are not eligible for University base and matching contributions. The savings and the earnings from all plan investments are not subject to income tax until the benefits are withdrawn.

Faculty Eligibility Note:

The Office of Academic Affairs advises Human Resources as to the classification of a faculty member. Faculty members who are not eligible to receive University base and matching contributions 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 receive University contributions may make supplemental contributions to the plan.

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.

You can enroll and make salary reduction changes online at www.tiaa-cref.org/villanova.  First time users must click on “Register for Access” to set up a user name and password. After logging on to the website, employees can select investment funds, designate a beneficiary, and elect an amount to contribute to the plan. Changes can be made at any time by logging onto the website.

Below are the detailed steps required to enroll in the 403(b) plan:

  1. Establish a user name and password on the TIAA CREF website.
  2. Log onto the website, select your investment allocation, designate your beneficiary and make your salary deferral election.

Below are the steps required to make salary deferral changes:

  1. If you haven’t done so already, establish a user name and password on the TIAA CREF website.
  2. Log into your account and click on “Manage My Portfolio”
  3. Under Quick Links, click on “Contribute to My Account”
  4. Once on the Contribute to My Account Page, click on “Contribute to Your Retirement Plan”
  5. Next, click on “Manage My Contributions”
  6. Finally, click on “Manage Elections”

After following the above steps, you will be able to make changes to your future retirement plan contributions.

The University has designated the Vanguard® Target Retirement Fund as the default investment fund for the plan. 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).

Please note: Paper forms will no longer be accepted.

If you need further assistance, please contact the Human Resources Department at 9-7900.

Employees may contribute up to the dollar limit as determined each year by the Internal Revenue Service. If the employee is age 50 or older, the employee may make an additional “catch up contribution” as determined each year by the Internal Revenue Service.

2015 403(b) Employee Contribution Limits

In 2015, you may contribute up to $18,000 to your account in the Villanova University Retirement Savings Plan. If you are age 50 or older, you may contribute an additional $6,000 for a total employee contribution of $24,000. Please contact Mary Beth Green at 9-7954 or marybeth.green@villanova.edu if you have any questions

The plan permits loans which are repaid through payroll deduction. The minimum loan amount is $1,000 and the maximum loan amount is the lesser of 50% of the employee’s account balance or $50,000. An employee may have 2 loans outstanding at any given time. To request a loan, participants may apply online at www.tiaa-cref.org/villanova, or call 800-842-2776.

 

TIAA-CREF individual consultants will be available to provide employees with personalized planning and guidance to assist in reaching your retirement and financial goals. Vanguard  has as series of on-line financial education videos that can teach you how to put your money to work.

Individual Financial Counseling Sessions Schedule

Individual Financial Counseling sessions where consultants will be available to discuss financial issues such as choosing the right investment funds, investing during any market, and understanding distribution options, will be held on the following dates in the Connelly Center:

TIAA-CREF Individual Financial Counseling Sessions

TIAA-CREF sessions will be held in the Connelly Center on the following dates:

  • Friday March 27 – Bryn Mawr Room
  • Thursday April 9 – Haverford Room
  • Thursday April 23 – Haverford Room
  • Tuesday May 12 – Haverford Room
  • Thursday May 14 – Haverford Room

To schedule an appointment with TIAA-CREF, please call 1-800-732-8353 or register on-line at www.tiaa-cref.org/moc.

Vanguard's Web-based Financial Resources

Vanguard provides web-based financial education so whether you are saving for your retirement, planning how to pay for college, or even putting together an estate plan, this education program places important guidance right at your fingertips to help you meet your financial goals.

To access the education series, click here. You will be taken to a “Table of Contents” which lists the topics in different categories. Choose the topic that is pertinent to your situation or feel free to view them all. You do not need to have a Vanguard account in order to access these resources and there is no charge or obligation to use them.

 

Benefit Resources

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

Notice of Privacy Practices

Pathways  2014-15 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 (14-15)

Summary of Benefits and Coverage- Value PPO (14-15)

Summary of Benefits and Coverage- Keystone HMO, in area (14-15)

Summary of Benefits and Coverage- Amerihealth HMO, out-of-area (14-15)

Employee contribution rates for 2014-15 medical and dental insurance plans.

Employee premium rates for 2014-15 purchase of supplemental life insurance.

Individual Health Care Buyers Guide

Physician Affidavit for Health Screenings