Regular Retirement Plan 403(b)

All regular (i.e. non-temporary) employees are eligible and encouraged to make voluntary salary reduction contributions on a tax-deferred basis. Employee contributions may begin on the first day of the month following the start of employment. Temporary employees are not eligible to participate in the Plan.

Beginning on the first day of the month following one year of service, full-time employees are eligible to receive University contributions to the Plan. Specifically, the University will contribute seven percent of the regular salary of each full-time employee. In addition, the University will match the contribution of each eligible participant who has satisfied the one year requirement, up to an additional three percent.


Effective June 1, 2012, the University introduced a three-year cliff vesting schedule for new employees.  The term “vesting” is used to define the percentage of an account balance to which a participant is entitled.  A three-year cliff vesting schedule means the participant is zero percent vested after years one and two, and then 100% vested after completing three years (36 months) of benefit-eligible service.  Vesting only applies to University contributions, including matching contributions.  Any monies that a participant contributes are immediately fully vested.

Employees whose employment commenced or whose appointment letters from the University are dated prior to June 1, 2012 will not be subject to the vesting schedule and will continue to be 100% vested in the 403(b) Plan, which means that such employees have full ownership rights to their account balances, future contributions and earnings even if they leave the University.

An employee whose employment commences on or after June 1, 2012 (and who did not have an appointment letter dated prior to June 1, 2012) will be subject to the three-year cliff vesting schedule.

Employees who were employed immediately prior to Saint Joseph's University on a full-time basis by a public or private educational institution offering a baccalaureate or advanced degree will be credited with their service at that institution for the purpose of vesting.

Employees must provide the Office of Human Resources with a letter from the former institution(s) stating the dates of prior full-time benefits eligible service.

Default Enrollment in the Regular Retirement Plan 403(b)

Employees who have not enrolled in the Regular Retirement Plan by their eligibility date will be automatically enrolled in the Regular Retirement Plan. 

Full-time employees are eligible for University contributions to the Regular Retirement Plan on the first day of the month following their completion of one year of service. 

The University's contribution of seven percent will be deposited into a Vanguard Target Retirement Fund.  Each Target Retirement Fund is age-specific, and provides a ready-made diversified portfolio that adjusts over time, based on the employee's projected retirement date.


Supplemental Retirement Plan

Employees may begin participation in the Supplemental Retirement Plan on the first day of the month following employment by making tax deferred contributions directed to TIAA, and/or Vanguard. The University does not contribute to this plan.

Booklets describing the retirement plans and the various investment options are available in the Office of Human Resources.

Note: Employees, who are currently participating with Lincoln Investment Planning, Inc. may continue to do so. Lincoln Investment Planning, Inc. is not available to employees who are not currently investing with them.


Deferred Compensation Plan 457(b)

The Section 457(b) Deferred Compensation Plan is an additional retirement plan that allows employees to contribute amounts over and above the limits imposed on the University's Regular and Supplemental Retirement Plans. Enrollment shall be effective on or after the first day of the month following the date the required forms are received by the Human Resources Office.

Effective June 1, 2012, the University will no longer contribute to the 457(b) non-qualified tax-deferred compensation plan

To participate in this plan, an employee must be eligible to participate in the University's Regular Retirement Plan or Supplemental Retirement Plan and must contribute the maximum amount permitted by law to those plans.  The investment options under this plan include all the funds currently offered by TIAA under the retirement plans. Enrollment packets for this plan are available in the Office of Human Resources.