Retirement Benefits - Defined Contribution 403(b) Retirement Plan (TIAA)
Saint Mary's College wants to assist employees in their effort to save for retirement and provides an opportunity for employees to make pre-tax contributions to the Saint Mary's College Defined Contribution 403 (b) Retirement Plan administered by TIAA.
If you are an eligible full-time employee, complete the required year(s) of service, and make the required employee contribution to the plan, the College will make a discretionary matching contribution to the plan on your behalf. Employees will make their salary deferral election(s) for the retirement plan by setting up an account with TIAA and following the online salary deferral election instructions.
Saint Mary's employees who are less than full-time can contribute to their retirement account with employee salary deferrals and can enroll in the plan, however, the employer match will not apply to employees working less than full-time. Three (3) year cliff vesting period applies to Employer matching contributions. Employees are 100% vested in their employee deferral (contributions).
Human Resources will provide instructions for eligibility and enrollment guidance upon hire.
Summary Plan Description- Defined Contribution Retirement Plan 1/1/2023