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.
FLEXIBLE INVESTMENT CHOICES
TIAA 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 customer service at 800-842-2888 of visit Monmouth University’s dedicated plan Web site with TIAA at www.tiaa.org/monmouth for more details regarding the investment choices offered through the plan.
HOW TO START INVESTING
You must establish an account with TIAA and submit a salary reduction agreement to the Office of Human Resources to begin your contributions. You can establish your account in three ways:
- Enroll Online – visit http://www.tiaa.org/monmouth and click on the ENROLL NOW button found on that Web page. Instructions on how to enroll online can be found here.
- Enroll in Person with a TIAA Individual Consultant – individual consultants are here on campus several times throughout the year to assist you in your application and to provide you with guidance in obtaining your retirement goals. You can schedule an appointment to meet with a consultant by calling 800-842-8412 Monday through Friday between 8 a.m. and 5 p.m. A schedule of dates that TIAA consultants will be here on campus can be found below.
- Enroll by Completing an Application in the Office of Human Resources – enrollment kits are also available in the Office of Human Resources for you to complete on your own. Call our office at 3470 or stop by during office hours to receive your enrollment kit. Return your completed application along with your salary reduction agreement to begin your contributions to the Plan.
TIAA INDIVIDUAL CONSULTANTS AVAILABLE ON CAMPUS
TIAA 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 consultant during one of these dates and times below.
|Tuesday, Sept. 10, 2019||9:00 am – 5:00 pm||Pozycki Hall Room 214|
|Friday, Sept. 20, 2019||9:00 am – 5:00 pm||Pozycki Hall Room 214|
|Tuesday, Oct. 8, 2019||9:00 am – 5:00 pm||BH 201|
|Friday, Oct. 25, 2019||9:00 am – 5:00 pm||Pozycki Hall Room 214|
|Wednesday, Nov. 20, 2019||9:00 am – 5:00 pm||Pozycki Hall Room 214|
|Wednesday, Dec. 4, 2019||9:00 am – 5:00 pm||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.