Self-Funded Retirement Plan 403(b)
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First Published :Mon Dec 01 19:07:11 GMT 2014
Last Modified :Fri Jan 19 20:25:18 GMT 2018
Last Published :Fri Jan 19 20:25:18 GMT 2018
Reference for benefits eligible employees who have inquiries about the 403(b) Voluntary Retirement Plan at Tufts.
Audience: Benefits Eligible Employees, Post docs ,(403(b), Retirees, Former Employees
Self-Funded Retirement Plan 403(b)
Eligible employees may sign up for the Self-funded Retirement Plan 403(b) at Hire (option is available within 2 days after the Health Benefits enrollment is complete) or at anytime throughout the course of a year. However, note that for Exempt/Semi-Monthly employees the option will be grayed out/unavailable when Payroll is in the calculation stage. Check the Payroll Calendar to see when Semi-Monthly Payroll will be run and any changes for Exempt/Semi-Monthly employees will need to be made by two business days PRIOR to when Payroll will be run. As of October 2017, the effective date is the date the change is made and will reflect on the following payroll (previously was the first of the month following the election). To supplement the Tufts University-funded Retirement Plan 401(a), the Self-Funded Retirement Plan 403(b) is a key financial tool that allows you to save for retirement with pre-tax contributions. Here are some important details about the plan:
- To enroll in the Self-funded retirement plan 403 (b) or increase or decrease your contributions, please log into Employee Self Service. For detailed instructions on how to make a change, please review the Updating your 403(b) Tip Sheet. Note this tip sheet is not yet updated to show changes are effective on the date of the change and reflected at next Payroll vs. the first of the following month
- A loan provision is available under this plan.
- If you are enrolled and want to change your investment elections, contact your vendor directly.
- Roll over options may be available from other qualified plans.
- The annual IRS maximum contribution to the Self funded Retirement Plan in calendar year 2018 is $18,500 ($18,000 for 2017).
- If you will reach age 50 or older by the end of the calendar year, you are eligible for the Age 50 Catch-Up Limit and may contribute an additional $6,000 for a total of up to $24,500 for calendar year 2018.
These are the organizations that provide investment services for employees who participate in the retirement plans:
Please see the Retirement Savings Plans and Retirement Savings Plans 2018 section of AccessTufts, as well as the Summary Plan Description, for more information on Retirement Plan options available to eligible employees at Tufts.
All employees of Tufts University (with the exception of certain students/employees who are exempt from FICA withholding and employees without a social security number or ITIN. Independent contractors and leased employees are not eligible to participate in the Plan.) are eligible to participate in the Self-Funded Retirement Plan 403(b). Note that employees are always listed as active with Fidelity. A person not benefits eligible cannot enroll via eserve; they must enroll via a salary reduction form.
All post-doc scholars at the University are eligible if they meet the below requirements:
- Postdoctoral scholars holding twelve-month appointments AND paying FICA tax may contribute to the Tufts University Voluntary 403(b) Retirement Plan.
Vendor Contact Information:
Fidelity Investments Beneficiary Designation Form
Tufts University sponsor plan number for Fidelity is 86801Please click here for details regarding the Fidelity Fee Structuring
http://www.tiaa.org/(all other information)
One-on-One Consultations: 1-800-732-8353
Tufts University plan number for TIAA is 100347
Retirement Plans, 403(b), voluntary retirement plan, rollovers, distributions, investments, Fidelity, TIAA-CREF, beneficiary form