Retirement Plans
The Fairleigh Dickinson University Retirement Plan is a defined contribution plan that operates under Section 403(b) of the Internal Revenue Code. The purpose of the Plan is to provide retirement benefits for participating employees. Benefits are provided through: Teachers Insurance and Annuity Association (TIAA)
Union Employees: (1 year waiting period)
|
Plan Contributions as a Percentage of Compensation |
||
| Years of Service | Institution | Participant |
| Less than 8 years | 8% | 3% |
| 8 years or more | 11%* | 3% |
*Refer to Local 153 Contract
Non-Union Employees: (2 Year waiting period)
| Plan Contributions as a Percentage of Compensation | ||
| Years of Service | Institution | Participant |
| Less than 8 years | 8% | 3% |
| 8 years or more | 11% | 3% |
Wait time may be waived if immediately preceding place of employment was with a higher education or non for profit institution. Further, Part time Union and Non Union staff may gain eligibility into the Plan. Please review summary plan description for complete details on eligibility and the waiting periods.
403 (b) – TIAA (Group Supplemental Retirement Annuity)
Non-contributory plan
New employees may immediately begin saving towards their retirement by participating in TIAA’s Group Supplemental Retirement Annuity (GSRA). The University does not contribute towards a GSRA.
Please visit www.tiaa.org/fdu to complete the online enrollment process and to make updates to your salary deferrals.