Employee Retirement Plan Commonly Asked Questions

Frequently Asked Questions

You will select the percentage of your pay you wish to contribute. You may contribute to a pre-tax account, an after-tax account (Roth 403(b)), or split your contribution between the two. You may also direct your contribution to TIAA, Fidelity Investments or split between the two.

If you are an employee hired before December 31, 2018, you are 100% vested in the University’s contributions. Employees hired after January 1, 2019 will be 100% vested in the University’s contributions after 3 years of employment.

  • You are eligible at any age (previously there was an age 26 requirement).
  • You may enroll immediately upon hire/ transfer date (previously there was a one year/1,000 hours waiting period).
  • Upon hire into any position or transfer into a faculty or staff position, you will be automatically enrolled at a 1% contribution level after 60 days of employment or eligibility. You may cancel your auto enrollment at any time. 

The University’s contributions will be split between TIAA and Fidelity proportionately based on your contributions. 

You may contribute up to the 2019 IRS limits, $19,000 if you are under age 50 or $25,000 if you are age 50 or older at any time during 2019. (Contributions at age 50 and older are known as “catch up” contributions.)

With Suffolk’s Retirement Plan supporting your efforts to save, even a small contribution goes a long way in boosting your savings. Consider starting with a small contribution now, and you can increase in future years, when you’re ready.

Based on longevity tables, you can expect to potentially live 25 years or more after retirement. You need to build your retirement savings so you don’t outlive your nest egg. Saving now plants the seeds for your future dreams and gives your savings more time to grow. 

Your contributions plus earnings on your contributions will be tax-free when you make a withdrawal. Suffolk’s contributions plus earnings on the contributions will be taxed when you make a withdrawal. In general, any withdrawals made before age 59 1/2 will incur a tax penalty.