All full-time employees and permanent part-time employees who work over 1,000 hours in a 12 calendar month period are eligible to participate in a defined contribution retirement plan through TIAA after completing one year of full-time employment at Viterbo University. Employees who elect to participate in this plan are eligible for the institutional match. The university makes dollar-for-dollar matching contributions up to a maximum of 5% of eligible compensation paid to each employee. Employee contributions are made on a pre-tax basis.
Employees who wish to make pre-tax contributions to a retirement plan during the first year of employment may contribute to a Viterbo University's Tax-Deferred Annuity (TDA) plan. This TDA does not have an employer contribution component.
These 403(b) plans are subject to all IRS regulations with regard to maximum annual employer and employee contribution limits, matching requirements, and any other applicable discrimination testing requirements.
2016 Contribution Limits
- $18,000 Maximum
- $6,000 Catch up (additional amount for over the age of 50)
These are the limits the IRS will allow employees to contribute to 403(b) plan unless the employee receives written authorization from TIAA to contribute additional amounts under the 15-year catch-up provision. In order for an employee to contribute towards the 15-year catch-up provision, you will need to contact TIAA directly and receive in writing a determination (TDA calculation) that documents your eligibility. The 15-year catch-up provision allows an eligible employees to contribute an additional $3,000 per year up to a lifetime maximum of $15,000.
The TIAA phone number is 1-800-842-2776. TIAA requires the following information to assist you in the evaluation process:
- date of hire
- full-time or part-time status for the years of employment
- annual salary
- contribution to other 403(b) carriers