Wilkes University has established two 403(b) retirement savings plans with Teacher's Insurance and Annuity Association/College Retirement Equities Fund (TIAA-CREF) to provide employees the potential for future financial security for retirement.
Eligible employees who are 21 years of age or older can begin to make pre-tax deferrals to the 403(b) savings plan immediately upon employment start date via the TIAA-CREF Tax-Deferred Retirement Annuity Plan for all Wilkes University Personnel .
Eligible employees are able to direct the investment of their plan accounts and tailor the retirement package to meet their individual needs.
Employee contributions to a 403(b) plan are automatically deducted from pay before federal tax withholdings are calculated, employees save tax dollars now by having the current taxable amount reduced.
Wilkes University also contributes an amount to each eligible employee's 403(b) contribution, via the TIAA-CREF Retirement Plan for Faculty and Administrators of Wilkes University . The University’s match is currently 8% which is subject to change. Matching contributions will apply only to base pay. Eligible employee contributions will only be taken from regular earnings. In order to be eligible to receive the University contribution, employees must contribute a specifically defined percentage of base pay depending on employee classification (3%, non-exempt staff; 5%, exempt staff) and meet other service requirements.
Complete details of the 403(b) savings plan, including participation and vesting rules, are described in the Summary Plan Description. Employees may contact the Human Resources Department for more information about the 403(b) Retirement Plans.
Revised Date: 07/03/2014