403(b) Retirement Plan

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.


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 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 Retirement Plan by their eligibility date will be automatically enrolled in the  Retirement Plan. 

Full-time employees are eligible for University contributions to the 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.


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 completed in the Saint Joseph's University Retirement Portal.

To participate in this plan, an employee must be eligible to participate in the University's 403(b) Retirement Plan  and  meet a salary threshold of $140,000. The investment options under this plan include all the funds currently offered by TIAA under the retirement plans.