Villanova University 403(b) Retirement Savings Plan

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 The savings and the earnings from all plan investments are not subject to income tax until the benefits are withdrawn.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

Part-time employees may contribute to the plan upon date of hire. In order to be eligible to receive University contributions, part-time employees must complete 1,000 hours of service in a 12-consecutive month period and attain age 21. University contributions are made for part-time employees at the end of the plan year upon confirmation that the employee has completed 1,000 hours of service.

Faculty 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.

Effective June 1, 2021, University contributions will be made based on the following schedule:

Effective June 1, 2021, 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 2021-2022 fiscal year. However, the schedule may change at any time at the discretion of the administration.

You can enroll and make salary reduction changes online at www.tiaa-cref.org/villanova.  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.

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 “My Account.”
3. Under Retirement Plans & IRAS, click on “Change my contribution.”
4. Click on “Manage My Contributions” and follow the prompts to change your contribution.
5. Remember to click “Confirm” at the end of the transaction.

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.

403(b) Employee Contribution Limits

In 2023, you may contribute up to $22,500 to your account in the Villanova University Retirement Savings Plan. If you are age 50 or older, you may contribute an additional  $7,500 for a total contribution of $30,000. Please contact Patti McHugh at 9-7954 or p.mchugh@villanova.edu if you have questions.

The plan permits loans which starting November 8, 2022, are repaid directly to TIAA. 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 Individual Financial Counseling Sessions

TIAA is offering on-campus individual financial counseling sessions on the following dates from 9:00am to 5:00pm:

• February 16th and 28th: Bryn Mawr Room in Connelly Center
• March 15th and 23rd: Haverford Room in Connelly Center

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

403(b) Plan Notices and Documents

• Qualified Default Investment Alternative (QDIA) Notice 2022
• Effective Notice 
• Summary Annual Report 
• Fee Disclosure Report
• Summary of Material Modifications 2020
• Summary of Material Modifications 2021
  

DB Funding Notice

• DB Annual Funding Notice
  

Summary Plan Descriptions

• Villanova University Retirement Savings Plan
• Villanova University Retirement Income Plan

Form 5500 and Schedule SB-DB Plan, Retirement Income Plan

• Form 5500 and Schedule SB-DB Plan

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