We’re making upgrades to the Suffolk University Employee Retirement Plan designed to modernize the Plan, give current participants more options and make it more flexible.
What’s Happening With Suffolk Retirement Benefits?
- Have an additional investment option, a Roth 403(b) after-tax account, with either TIAA or Fidelity. You can now contribute your retirement savings on a pre-tax or after-tax basis (or split them).
- Be able to roll over other IRAs into your Suffolk Retirement Plan. You can combine multiple retirement accounts and take advantage of the lower fees associated with our Plan and streamline your account management.
- Have a simpler process for enrolling and making changes. You decide the percentage of your pay you want to contribute and Suffolk will make a contribution based on your election. You no longer will have to make separate elections for the “standard” and “voluntary” parts of the Plan.
We are also making it easier for faculty and staff to participate in the retirement plan.
- Will receive a Suffolk contribution if you contribute as little as 1% – no more required 5% minimum contribution.
- May enroll at any age – no more waiting until age 26.
- May enroll immediately upon hire – no more one-year waiting period.
Retirement Plan Employer Contribution Formula
|Percent of Pay You Contribute||Percent of Pay Suffolk Contributes|
Retirement Plan Resources
- Retirement Plan Changes Notification [PDF]
- Key Points [PDF]
- Frequently Asked Questions [PDF]
- Investment Fund Line-up [PDF]
- Retirement Plan Calculator [XLSX] (use only through January 1, 2019)
- TIAA and Fidelity Investments Individual Counseling Sessions:
- TIAA - schedule with Mark Bertonazzi, call (800) 732-8353
- Fidelity - schedule with Matthew Toedt or Joe Casey, call (800) 642-7131