Monmouth University 403(b) Defined Contribution Retirement Plan is a defined contribution plan designed to meet the requirements of section 403(b) of the Internal Revenue Code. The plan was established to provide retirement benefits and savings opportunities to employees and to provide benefits to their beneficiaries in the event of their death.
All employees are eligible to participate (to make elective contributions) in the plan immediately upon hire except for Leased Employees and Student Employees. While all eligible employees can make elective contributions to the plan, not all employees are eligible for the Employer Contributions or Matching Contributions. Please see the Summary Plan Document, available from the Office of Human Resources, for further details.
Enrollment in the plan may occur at any time and does not require an open enrollment period. Contributions must comply with IRS guidelines. The University contributes a percentage to the eligible employee's plan after the required service requirement is met, as long as the employee is contributing at least 5% to the plan. The service requirement varies according to collective bargaining agreements or University policy.
TIAA-CREF is the record-keeper for the 403(b) Retirement Plan. The plan's investment choices include mutual funds and annuity accounts, including several Lifecycle Funds. Lifecycle Funds automatically change their investment mix and risk profile as participants get older and closer to retirement. Call TIAA-CREF's customer service at 800-842-2888 of visit Monmouth University's dedicated plan Web site with TIAA-CREF at www.tiaa-cref.org/monmouth for more details regarding the investment choices offered through the plan.
You must establish an account with TIAA-CREF and submit a salary reduction agreement to the Office of Human Resources to begin your contributions. You can establish your account in three ways:
TIAA-CREF offers personalized, objective advice, delivered by non-commissioned consultants who will only recommend investments that are appropriate for your unique savings needs. They will help you tailor your portfolio through careful analysis and detailed investment recommendations. Their consultants can evaluate whether you are saving enough to reach your retirement goals and investing in a way that helps optimize your investment earnings.
Appointments will generally run 45 minutes to 1 hour. You can schedule as many appointments as you may need to help accomplish your goals. Call 800-842-8412 Monday through Friday between 8 a.m. and 5 p.m. EST to schedule an appointment with a TIAA-CREF consultant during one of these dates and times below.
Some employees may have established accounts with AXA/Equitable or Fidelity prior to May 1, 2010. While these vendors are no longer approved investment providers of the plan, employees who have account balances with AXA/Equitable or Fidelity may retain those accounts after May 1. However, all salary reductions made to the plan after May 1 must be invested with the approved provider, TIAA-CREF. Please review the Summary Plan Description for full details regarding allowable transactions with these providers following May 1.