TSS - Retirement Plans- Tufts University 401 (a) Basic Retirement Plan

Retirement Plans- Tufts University 401 (a) Basic Retirement Plan

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First Published  :Mon Dec 01 18:55:59 GMT 2014
Last Modified  :Wed Nov 29 16:37:47 GMT 2017
Last Published  :Wed Nov 29 16:37:47 GMT 2017
Summary :  Reference for benefits eligible employees who have inquiries about the 401(a) Basic Retirement Plan at Tufts. Audience: Benefits Eligible Employees, Retirees, Former Employees Specifically excluded groups: Post-Doctoral employees and employees without a social security number.

Response

Primary Information

    401(a) Basic Retirement Plan
     
    The University’s contributions to the 401(a) Basic Retirement Plan help eligible employees build substantial savings for their retirement years. Tufts University contributes a percentage of your salary beginning on your date of hire if you are a benefits eligible employee and at least 21 years of age. The plan is fully funded with University contributions as follows:
     
    Age% of Salary Under Social Security Wage Base% of Salary Over Social Security Wage Base*
    21 – 395%10%
    40 and over10%15%
     *2017 Social Security Wage base is $127,200 and 2018 is $128,400.  (2016 was $118,500)

    If you are age 21 to 39, the university will contribute 5% of your salary, up to the Social Security wage base, and 10% of your salary above the Social Security wage base. The Social Security wage base for 2018 is $128,400.

    If you are age 40 or older, the university will contribute 10% of your salary, up to the Social Security wage base, and 15% of your salary above the Social Security wage base. The Social Security wage base for 2018 is $128,400.

    • You are automatically enrolled and any university contributions are deposited into the Plan default (a Fidelity Lifecycle funds at a date closest to the year that you will reach age 65) and your contributions will continue to be invested there until you indicate otherwise.  Employees are always considered Active  even if they are no longer employed by Tufts.
    • If you would like to keep your contributions invested with Fidelity but re-direct it to investment options other than the default, simply call Fidelity at (800)-343-0860 or visit www.fidelity.com.
    • If you would like some or all of your contributions to be invested with TIAA, you may log into Employee Self Service to request this change. You can refer to the “Updating your 401a” Tip Sheet. This tip sheet will walk you through the process of changing your investment elections for future contributions.  Please note:  You must also choose a valid investment election at TIAA before your contributions will be deposited.
     
    Vesting Period
    Employees are 100% vested in the Basic Retirement Plan once they have completed three (3) years of eligible service.  To initiate a distribution, contact the vendor and sign the paperwork - then forward to the Benefits Office for signature.
     
    These are the organizations that provide investment services for employees who participate in the retirement plans:
     
    Please see the Retirement Savings Plans section of AccessTufts, as well as the Summary Plan Description, for more information on Retirement Plan options available to eligible employees at Tufts.
     
    Eligibility:
     

    For each plan year (January 1 - December 31), in which you are an Eligible Employee who is regularly scheduled to work at least 17.5 hours a week, or a faculty member with at least a half-time, two-semester appointment, the University will make a contribution to the 401(a) Basic Retirement Plan on your behalf in the amount indicated. University contributions are made each pay period. For any other Eligible Employee, the University will make a contribution to the 401(a) Basic Retirement Plan in the amount indicated as soon as reasonably practicable after the end of the plan year in which the employee is credited with at least 1,000 hours of service (generally each hour for which you are paid for work, including paid absences).
      
    Vendor Contact Information:
     
    Fidelity Investments
    http://www.fidelity.com/atwork
    1-800-343-0860
    Fidelity Investments Beneficiary Designation Form
    Fidelity Tufts University Sponsor Plan for 401A is 57496
    Please click here for details regarding the Fidelity Fee Structuring
     
    TIAA
    http://enroll.tiaa.org/tufts/(enrollment)
    http://www.tiaa.org/(all other information)
    1-800-842-2776
    One-on-One Consultations: 1-800-732-8353

    TIAA Plan # for 401A is 100345 

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Keywords

    Retirement Plans, 401(a), basic, rollovers, distributions, investments, Fidelity, TIAA, employee vested