
University of Delaware 403(b) Retirement Savings Plan
Eligibility |
All University employees, with the exception of student workers |
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Plan Administrator |
University of Delaware through TIAA, single administrative service provider. |
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University Contributions |
Full-time faculty and exempt staff (not participating in the State Employees’ Pension Plan), are eligible for University matching contributions.* Effective July 1, 2018
*On an annual basis, University of Delaware and TIAA will review match calculations and compare them to the actual matching contributions paid into participant accounts for the prior plan year. The University will provide a “true-up” contribution into participant accounts based on their annual savings rate, rather than their per pay period savings rate, to ensure that eligible participants receive the full university match. The true-up contribution will occur in the first quarter of the following year. |
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Vesting |
Employees are immediately vested upon hire. |
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Enrollment |
Employees must enroll, and choose their salary contribution level through TIAA. 403(b) Enrollment Instructions This plan is not subject to an open enrollment period. Employees may enroll and change elections at any point in the year. |
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Plan Features |
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Limitations |
For 2020, the annual maximum on employee elective deferrals is $19,500. Employees who are age 50 or over can also make catch-up contributions of $6,500. The annual maximum on employee plus employer contributions is $57,000. For additional information, visit the IRS website. |
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Additional information for full-time faculty |
Please see the AAUP Collective Bargaining Agreement for provisions in regard to summer supplemental contracts for nine, ten and eleven month appointments. |
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Resources |
See the TIAA website to schedule a meeting or to access webinars and online resources. |
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Loans, Retirement, or Divorce (QDRO) |
Please contact TIAA for additional information. |
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TIAA |
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Legacy Accounts Fidelity Investments Divorce (QDRO) |
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