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403(b) Retirement Plan

The 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 (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 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 8% of gross earnings 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. Years of service in higher education is the twelve months prior to your hire date at Monmouth and may qualify for waiver of all or a portion of the service requirement. Verification of Service in Higher Education is required for consideration of waiving the waiting period.

Thanks to new retirement plan features introduced by the IRS, eligible employees will be able to save even more money for the future.

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Roth Contribution Options

In addition to, or in place of, employees have the option to make contributions after-tax with Roth contribution options. In your retirement plan, your pretax contributions accumulate tax deferred, and withdrawals are taxable. With the designated Roth option, your after-tax Roth contributions also accumulate tax deferred, but may be taken tax free in a qualified distribution. A qualified distribution is one that occurs at least five years after the year of your first Roth contribution and is made either on or after attainment of age 59½, on account of disability, or on or after death. Meet with your financial consultant to determine if Roth contributions are right for you.

Super Catch-Up for Ages 60-63

Plan participants who are 60-63 years old at any time in the calendar year will be able to make additional contributions via the new super catch-up provision. In 2026, the super catch-up allows you to add up to $11,250 to the standard contribution limit, so participants in this age group may defer up to $35,750.

For plan participants ages 50-62 and 64+, the standard catch-up applies, which is $8,000 in 2026.

2026 Contribution Limits

Age range2026 Standard IRS Limit2026 Catch-Up2026 Total Limit
Ages 49 and below$24,500None$24,500
Ages 50-62 and 64+$24,500$8,000$32,500
Ages 60-63$24,500$11,250$35,750

Flexible Investment Choices

TIAA-CREF will be the recordkeeper 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. Visit Monmouth University’s dedicated plan website with TIAA-CREF for more details regarding the investment choices offered through the plan.

New Rules for Age-Based ROTH Catch-up Contributions

Change to age-based catch-up contribution rules

Beginning Jan. 2, 2026, TIAA will manage contribution limit monitoring for the Plans, including age-based contributions. This means that if you are eligible for catch-up contributions, your deferrals will continue beyond the standard limit up to the applicable catch-up limit based on your age.

If you earned FICA wages in excess of $150,000 (indexed annually) in the prior calendar year, any age-based catch-up contributions must be designated as Roth. If your FICA wages were $150,000 or less in the prior year, you are not required to designate your age-based catch-up contributions as Roth.

What this can mean for you

A Roth contribution means that taxes are deducted before your contribution is remitted to the Plan(s). Once you have made a Roth contribution to the Plan, your Roth account has been open for five years, and you’ve met certain plan distribution requirements, any distribution of Roth amounts from the Plan(s), including the earnings thereon, will be tax-free.

If you choose to make age-based catch-up contributions and your FICA wages in the prior year were more than $150,000, the Plan(s) will apply a deemed Roth catch-up rule, deeming your direction to be to irrevocably designate contributions to the Plan(s) as Roth.

If you do not wish to make age-based Roth catch-up contributions, you may choose to take the following action:

  • Make a new salary deferral election.
  • Monitor and stop deferrals once the desired annual contribution amount is achieved.

TIAA Consultants Available for Individual Virtual Meetings

TIAA-CREF offers personalized, objective advice, delivered by noncommissioned 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’re 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 you accomplish your goals. Call 800-842-8412, Monday through Friday between 8 A.M. and 5 P.M EST, to schedule an appointment or a virtual appointment with a TIAA-CREF consultant during one of the dates and times below. You also can schedule an appointment by visiting Consultations and Seminars section of the TIAA website. The financial consultant that services Monmouth University employees is Chelsea Pauciullo.

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 that 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.

Upcoming Opportunities for Consultations

TIAA will be available these dates and times for one-on-one sessions.

DateTimeLocation
Monday, Jan. 26, 20269 a.m.–5 p.m.OFBC Suite 1
Wednesday, Feb 4, 20269 a.m.–5 p.m.OFBC Suite 1
Monday, March 9, 20269 a.m.–5 p.m.OFBC Suite 1
Wednesday, April 26, 20269 a.m.–5 p.m.Pozycki Hall, Room 214
Friday, May 8, 20269 a.m.–5 p.m.Pozycki Hall, Room 214

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. Please review the Summary Plan Description for full details regarding allowable transactions with these providers following May 1.

Upcoming Webinars

Register for TIAA’s live webinars to get financial information, news and tips from our experts. Reserve your spot by clicking the registration links below. These webinars are part of your retirement plan benefits.

Reserve Your Spot for a Webinar
See Upcoming TIAA Webinars in the HR Events Calendar

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