Retirement Plan

A. Fund Offerings

• Teachers Insurance and Annuity Association - College Retirement Equity Funds (TIAA-CREF)
• The Vanguard Family of Funds
• The American Funds

TIAA-CREF is the sole recordkeeper for the University's retirement plan

B. Coverage

The Plan is a tax-favored retirement plan that the University of Richmond (the "University") has established for the benefit of its employees. The Plan allows all employees to make pre-tax contributions out of their pay. In addition, the University makes certain types of employer contributions under the Plan for employees who meet specified eligibility requirements. Employees who participate in the Plan are permitted to elect how these contributions will be invested. The Plan allows you to invest these contributions in one or more funds provided by the fund sponsors available under the Plan.

The University of Richmond Retirement Plan is a defined contribution program governed by Sections 403(b) and 403(b)(7) of the Internal Revenue Code.

C. Enrollment

The Plan consists of two parts. The first part permits all employees to make pre-tax contributions out of their pay through salary reduction agreements. The second part of the Plan permits employees who meet certain eligibility requirements to receive employer contributions. Individuals who are independent contractors are not eligible to participate in the Plan as employees. If an individual is classified as an independent contractor by the Plan Administrator, such individual will be deemed to be ineligible. The Plan Administrator will notify you when you are eligible to participate in the Plan. All determinations about your eligibility and participation in the Plan will be made by the University. The University will base its determinations on its records and the official plan document on file with the Plan Administrator.

All employees except for student employees are eligible to make pre-tax contributions to the Plan as soon as they begin employment. Pre-tax employee contributions are referred to under the plan as "salary reduction contributions." Student employees are those employees who are regularly enrolled students and whose wages are generally exempt from FICA tax withholding.

All employees who have completed a year of service, and have reached age 21 are eligible to participate in the employer contribution portion of the Plan. Once you have satisfied these eligibility requirements, you must complete the online enrollment process to participate in this portion of the Plan. If you do not enroll, an account will be established for you and the University will make the 5% contribution into the TIAA Lifecycle Fund closest to the date of your retirement.

The year of service requirement will be waived if a new Staff member has been employed at an institution of higher education for the full twelve (12) months immediately preceding his/her date of hire.

In the case of a faculty member, the year of service requirement will be waived if they were employed at an institution of higher education for the full academic year immediately preceding his/her employment with the University. 

 The Employee may change funds for future and/or past contributions at any time.

To enroll online, go to www.tiaa-cref.org/richmond

D. Employer Contributions

If you are eligible to participate in the employer contribution portion of the Plan, the University may make "basic contributions" and "matching contributions" on your behalf.

Basic contributions are contributions made by the University on behalf of each eligible employee who is credited with a year of service during the plan year. The basic contribution is 5% of your base salary paid during the plan year. No contribution is required by the Employee to receive this contribution on his/her behalf.

Matching contributions are contributions made by the University on behalf of each eligible employee who is credited with a year of service during the plan year and has made a salary reduction contribution during the plan year. If you satisfy these criteria, the University will match 100% of your salary reduction contributions made in whole percentages up to 5% of your base salary paid during the plan year.

Therefore, the total maximum contribution that will be made by the University on the Employee's behalf is 10% of the participants base salary paid during the plan year.

E. Vesting

All employee and employer contributions are vested immediately.

F. Distributions

The retirement plan has been established to assist with income security during retirement. Upon retirement you may access your retirement accumulations by establishing an annuity (monthly or periodic payments), partial lump sum distributions or a total lump sum distribution. Additional questions on annuity options or lump sum distributions may be directed to TIAA-CREF at 1(800)842-2776. Should an Employee leave University employment, his/her retirement accumulations may be left with TIAA-CREF. The Employee may rollover his/her retirement accumulations to another vendor or withdraw the retirement accumulations. If the Employee is under age 59 1/2 and elects a cash distribution of his/her retirement account, then he/she will be penalized for an early retirement withdrawal as dictated by federal laws.

Accumulations in a TIAA guaranteed fund are subject to withdrawal over a ten (10) year period only, as designated by the annuity contract.

For more information see the summary plan description or contact Human Resource Services at 289-8877.