Retirement Plan

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 - $18,000 for 2017, increasing to $18,500 in 2018
- $6,000 catch-up contribution 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 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

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 - 10% of eligible pay contributed to your Fidelity retirement account each pay day.
- 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
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