Suffolk University is committed to providing you a progressive retirement savings program to prepare you for your life after Suffolk. Its flexibility allows you to save for your retirement in a tax-advantaged way. If you are in a faculty or staff role and participate, the University will contribute up to 9% of your pay to your retirement account.
Eligibility and Employer Contribution
All employees are eligible to participate in the retirement plan immediately upon hire. If you are in a faculty or staff position, the University will contribute 180% of the first 5% that you contribute.
|Percent of Pay You Contribute||Percent of Pay Suffolk Contributes|
You may choose to have contributions go to TIAA, Fidelity, or split between the two recordkeepers. Your employee and employer contributions apportioned the same way.
You may change or stop your contributions at any time in Workday.
If you do not enroll in the retirement plan upon hire at the University you will automatically enrolled at a 1% contribution level after 60 days of employment. Your contributions will be invested in the TIAA Lifecycle Fund that is closest to the year in which you will turn 65).
If you would like to contribute more than 1% you may make the change in Workday.
If you do not wish to be automatically enrolled in the plan you must waive participation in Workday.
If you are auto-enrolled and do not make any changes to your retirement account, your contribution will automatically increase by 1% each July after one full year of employment. The auto-increase will stop when your contribution reaches 5%.
Vesting refers to the point where you “own” the money Suffolk has contributed to your retirement plan.
You are always 100% vested in your contributions to the retirement plan.
If you are hired after January 1, 2019, you will be 100% vested in the University’s contributions after 3 years of employment. If you leave Suffolk before you complete 3 years of employment you will keep the contributions you made, but the University’s contribution will be returned to the Plan.
Ways to Save
You may save your money in a pre-tax 403(b) account – you pay no taxes now but you will pay taxes on savings and earnings when you withdraw from your retirement account.
You may save your money in a Roth 403(b) account – you pay taxes on the contribution now but you will not pay taxes on savings and earnings when you withdraw from your retirement account.
You may direct your contribution to a pre-tax account, an after tax account, or split your contribution between the two.
Retirement Plan Resources
You may direct your contributions and Suffolk contributions to the comprehensive line-up of investment options. If you are contributing to TIAA for the first time you must create an account. To change how your account is invested among the Plan’s TIAA investment choices, or to view a fund prospectus, you can access your account online, or by phone at 800-842-2252. Retirement consultants are available from 8:00 am to 8:00 pm EST.
To schedule an individual, on-site counseling session with Mark Bertonazzi, visit the TIAA website, or call (800) 732-8353. All sessions will take place in the ITS conference room on the 11th floor of 73 Tremont Street.
You may direct your contributions and Suffolk contributions to the comprehensive line-up of investment options. If you are contributing to Fidelity Investments for the first time you must create an account. To change how your account is invested among the Plan’s offered investment choices, or to view a fund prospectus, you can access your account online at or by phone at (800) 343-0860. Retirement consultants are available from 8:30 am to 9:00 pm EST.
To schedule an individual counseling session with Matthew Toedt you can go to the Fidelity website, or call (800) 642-7131. All sessions will take place in the ITS conference room on the 11th floor of 73 Tremont Street.
Important Legal Information
The Summary Annual Report provides participants and beneficiaries covered under the Retirement plan with certain information that was included in the Annual Report for the plan filed with the Employee Benefits Security Administration, U.S. Department of Labor.