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The University retirement program is a defined contribution 403(b) plan which provides for employee contributions and matching University contributions. University contributions are available after the employee has completed one (1) year of service. The one year of service requirement may be waived for newly hired faculty and staff who have previously participated in 403(b) plans at other institutions. Funds can be invested through Fidelity, Vanguard and/or TIAA-CREF. Click to Enroll.
VOLUNTARY PLAN
Faculty and staff ages 25-34 are eligible to participate on a voluntary basis.
Minimum Employee Contribution |
|
University Contribution |
2% |
|
3% |
3% |
|
4% |
4% |
|
5% |
5% |
|
7% |
Additional employee contributions up to the annual legal limit are permitted.
MANDATORY PLAN
Faculty and staff with one year of service and age 35 are required to participate in the retirement plan.
Attained Age |
|
Minimum Employee Contribution |
|
University Contribution |
35 - 39 |
|
2% |
|
7% |
40 - 49 |
|
2% |
|
9% |
50 and over |
|
2% |
|
11% |
Additional employee contributions up to the annual legal limit are permitted.
Please Note: The benefits described above are those currently in effect. Drexel University reserves the right to change the levels and types of benefits, or otherwise modify or terminate the Plan completely, or in part, at any time at its sole and absolute discretion. |
