As part of Villanova University's commitment to our employees, the University offers a robust retirement plan, handled by TIAA-CREF for all full time and part time employees. Villanova contributes to the plan and offers matching contributions.
Effective June 1, 2023
|Base Villanova Contribution||Employee Contribution||Matching Contribution||Total Villanova Contribution|
The University will increase the base University contribution to 5% after 10 years of service. Vesting is full and immediate for both employee and University contributions. The schedule listed above is effective for the 2023-2024 fiscal year. However, the schedule may change at any time at the discretion of the administration.
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.
In 2023, you may contribute up to $22,500 to your account in the Villanova University Retirement Savings Plan. If you are aged 50 or older, you may contribute an additional $7,500 for a total contribution of $30,000. Please email Patti McHugh or call 610-519-7954 if you have questions.
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 the Provost 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 for part-time employees after completion of two (consecutive or non-consecutive) years reaching 1,000 hours or more. The first year with 1,000 hours is considered the employee’s eligibility year. Employer contributions will be made at the end of the plan year upon confirmation that the employee has met the eligibility year and completed 1,000 hours of service.
Faculty Eligibility Note:
The Office of the Provost advises Human Resources as to the classification of a faculty member. Faculty members who are not eligible to receive University contributions include faculty on temporary status, visiting professors with less than 3 consecutive years of full time service, and adjunct faculty members.
HOW TO ENROLL AND MAKE CHANGES
You can enroll and make salary reduction changes online via the TIAA-CREF website.
First time users must click on “Ready to Enroll” and then “Register with TIAA” 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.
The plan permits loans which are repaid through payroll deductions if the loans were approved prior to November 2023. Beginning November 2023, all approved loans will be paid back directly to TIAA via ACH.
PLAN NOTICES AND DOCUMENTS
TIAA hosts a number of financial counseling session on campus throughout the year. Announcements will be made in Campus Currents.
To schedule an appointment with TIAA, please call 1-800-732-8353 or register on-line.