Retirement Plan

ANNOUNCEMENT

As shared in the FY21 Budget Update, effective October 1, 2020 the University will suspend all employer contributions. The suspension of employer contributions is the result of the COVID-19 pandemic’s impact on this year’s budget and anticipated to be in place through June 30, 2021.

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. 

 Your Contributions

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 - $19,500 for 2020
- $6,500 catch-up contribution for 2020 if age 50 or older
- Up to $3,000 additional, if employed by SU 15 years or more
Waiting period - You may enroll immediately
Vesting - Your 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

For 2020, additional loan options may be available due to the pandemic

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

For 2020, additional withdrawal options may be available due to the pandemic

Access to your contributions after employment has ended - Roll over funds to new employer
- Leave funds in account
- Request payment

University Contributions

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
University contributions - The university may make contributions to your retirement account as a percentage of your eligible pay.
- Allocation condition – amounts contributed to your account within a calendar year will be forfeited if you work less than 1,000 hours in that year (unless your employment separation was due to normal retirement, death or Disability)
Vesting - 100% vested immediately
Investment choices - One election applies to all types of plan contributions.  Same investment choices as for your own contributions.
Access to University contributions while employed - Loans

- For post-secondary educational expenses or principal home purchase only
- Minimum $1,000
- Maximum $50,000

For 2020, additional loan options may be available due to the pandemic

Access to University contributions while employed - withdrawals

Not available unless you are a faculty member who is participating in phased retirement

For 2020, additional withdrawal options may be available due to the pandemic

Access to University contributions after employment has ended - Roll over funds to new employer
- Leave funds in account
- Request payment