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”). Please see the Summary Plan Document for more details.
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.
| 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 2021, $20,500 for 2022 - $6,500 catch-up contribution if age 50 or older - Up to $3,000 additional, if employed by SU for 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 |
| Access to your contributions while employed - Withdrawals |
- May withdraw funds for any reason if age 59-1/2 or older |
| Access to your contributions after employment has ended | - Roll over funds to new employer - Leave funds in account - Request payment |
| 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 retirement at age 65 or older, 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 |
| 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 |