Upon receiving a welcome email from Fidelity Investments, you have a 35-day enrollment window to set up a Fidelity account and elect a personal savings rate. You may contribute a pre-tax portion of your regular pay to a retirement account with Fidelity and invest your money in investment funds with favorable fees and performance. You may also change your paycheck contribution at any time with Fidelity. If you don’t act within the 35-day window, you will be auto enrolled and 5% of your regular pay will be deducted from paychecks and posted to your Fidelity account.
Additional plan information beyond the highlights shown below may be found in the official plan summary. Under all circumstances, the plan summary will take precedence over information contained on this website.
Additional plan information beyond the highlights shown below may be found in the official plan summary. Under all circumstances, the plan summary will take precedence over information contained on this website.
Employee Contributions
Contribution Item
Details
Who’s eligible to contribute
-All employees, except student workers, leased employees and participants in a religious order plan
Contribution percentage
- You elect any percent of your before-tax eligible pay - May enroll, disenroll or change your contribution at any time
Maximum contribution
- Contribution limits are subject to IRS regulations and may change year-to-year
Waiting period
- You may enroll immediately
Vesting
- Employee contributions are always 100% vested
Investment choices
- A diverse set of mutual fund choices encompassing stocks, bonds, domestic/international, index and actively managed, target date, socially responsible investments, short-term and fixed return funds - You can change investment allocations at any time
Access to your contributions while employed - Loans
- Available for general purposes - Minimum $1,000 - Maximum $50,000
Access to your contributions while employed - Withdrawals
- May withdraw funds for any reason if age 59-1/2 or older - Hardship withdrawals available under age 59-1/2
Access to your contributions after employment has ended
- Roll over funds to new employer - Leave funds in account - Request payment
Contribution Types
-You may elect to defer contributions on a pre-tax or post-tax (ROTH) basis.
University Contributions
University Contribution Item
Details
Who's eligible
- Employees (except student workers, leased employees and participants in a religious order's plan) who have completed the eligibility period
Participation date
-The first of the month coincident with or immediately following completion of the Year of Service eligibility requirement
Investment choices
- One election applies to all types of plan contributions. Same investment choices as for your own contributions.
University Contributions
- The university may make contributions to your retirement account as a percentage of your eligible pay. - Allocation condition: If you work 1,000 or more hours in a calendar year, then your university contribution is fully earned for that calendar year. If you work less than 1,000 hours in a calendar year, then your university contribution will be forfeited for that calendar year (unless your employment separation was due to retirement at age 65 or older, death or Disability).
Access to University contributions while employed - Loans
- For post-secondary educational expenses or principal home purchase only - Minimum $1,000 - Maximum $50,000
Access to University contributions while employed - withdrawals
Not available unless you are a faculty member who is participating in phased retirement
Access to University contributions after employment has ended
- Roll over funds to new employer - Leave funds in account - Request payment
Retirement Plan Key Definitions
Fiscal year: At Seattle University the fiscal year corresponds to the academic year and runs from July 1 of the current year to June 30 of the following year.
Plan year: Benefits are aligned with a plan year which means they are in effect from January 1 of the current year to December 31 of the same year.
Retirement Plan: The Seattle University Employees Retirement Plan (the "Plan") has been adopted by Seattle University (“Employer”) to provide you with the opportunity to save for retirement on a tax-advantaged basis and to provide additional income for retirement. This Plan is a type of retirement plan commonly referred to as a 403(b) plan or Tax Sheltered Annuity (“TSA”).
Plan participants are provided access to a variety of investment options for their retirement funds. Participants whose retirement account is administered by Fidelity have access to mutual funds that include a Money Market fund, a number of Stable Value and Bond funds, funds that invest solely in equity, as well as funds that include both bonds and equities, such as the Target Date Retirement funds. Please access your Fidelity account for a list of current investment options.
Some plan participants may also or solely have their retirement account administered by TIAA. While TIAA no longer accepts payroll contributions, existing TIAA accounts may also continue to earn interest and generate investment returns until money is distributed from the plan. TIAA account holders should contact TIAA for the list of current investment options.
