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:
| 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 The savings and the earnings from SRA investments are not subject to income tax until the benefits are withdrawn.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.
403(b) Plan Notices
- Annual Default Fund Notice
- Target Retirement Fund Fact Sheet
- Annual Effective Notice
- Plan Merger Change Notice
- 2011 Villanova University Retirement Savings Plan Summary Annual Report
- 2011 Villanova University Supplemental Retirement Savings Plan Summary Annual Report
- Villanova University Retirement Savings Plan Summary of Plan Services and Costs
- Villanova University Retirement Savings Plan Investment Options Comparative Chart
- Villanova University Supplemental Retirement Savings Plan Summary of Plan Services and Costs
- Villanova University Supplemental Retirement Savings Plan Investment Options Comparative Chart
- Villanova University Retirement Savings Plan Change Notice- Vanguard Loan Option
DB Funding Notice
Summary Plan Descriptions
2010 Form 5500 and Schedule SB, Retirement Income Plan
2013 403(b) Employee Contribution Limits
In 2013, 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
