Saint Francis University offers retirement benefits in the form of a defined contribution plan for employees administered through the Teachers Insurance Annuity Association (TIAA) and the University Retirement Equities Fund (CREF).
All current full time employees are eligible for participation in the plan immediately. All other newly hired employees must complete one year of service before becoming eligible to participate.
All full-time employees are eligible to receive a matching contribution. An employee who is not full time is entitled to a matching contribution upon completing 1000 hours of service, except for the following: adjunct faculty (who are defined as faculty who do not meet the definition of Full Time Faculty); graduate assistants; assistant coaches in all sports whose contracts are for a term of nine months or less; all students (whether or not performing services described in Code Section 3121(b)(10)); nonresident aliens with no U.S. source income; resident physical therapists, occupational therapists, physician assistants, or other health professionals employed by Saint Francis University or the DiSepio Institute for Rural Health and Wellness.
For those employees eligible to receive a matching contribution, Saint Francis University matches contributions under the following formula:
- Employee contribution of 5% or more but less than 6%; the employer match is 7%
- Employee contribution of 6% or more, the employer match is 8%
Contributions to the plan can be made on a pre-tax Deferral or as a Roth Deferral. The amount of your Compensation that you decide to defer into the Plan generally will be contributed on a pre-tax basis. That means that, unlike the compensation that you actually receive, the pre-tax contribution (and all of the earnings accumulated while it is invested in the Plan) will not be taxed at the time it is paid by the University. Instead, it will be taxable to you when you take a payout from the Plan. These contributions will reduce your taxable income each year that you make a contribution but will be treated as compensation for Social Security taxes.
You also have the choice of treating your Deferrals as Roth Deferrals rather than pre-tax Deferrals. Roth Deferrals are contributed to the Plan from amounts that have already been treated as taxable income. Roth Deferrals will not reduce your taxable income in the year in which you contribute a portion of your Compensation into the Plan.
Consult the summary plan description for a complete definition of includable and excludable contributions and compensation. Salary elective deferral forms can be accessed here.