Tufts University Funded Retirement Plan 401(a)
The University’s contributions to the Tufts-Funded Retirement Plan 401(a) 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:
*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.
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.
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 Tufts University-funded Retirement Plan 401(a) 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 Tufts University-funded Retirement Plan 401(a) 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 Beneficiary Designation Form
Fidelity Tufts University Sponsor Plan for 401A is 57496
Please click here for details regarding the Fidelity Fee Structuring
http://www.tiaa.org/(all other information)
One-on-One Consultations: 1-800-732-8353
TIAA Plan # for 401A is 100345