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Retirement Plan 403(b)

Comprehensive and competitive retirement package

Retirement benefits are an important part of your total benefits package offered by Creighton University.  As a University employee, you are eligible to participate in the 403(b) retirement savings plan.

Creighton University's Retirement Plan allows you to electively defer money from your pay check on a pre-tax or post-tax basis.  You are eligible to contribute to the IRS limit each calendar year.

Retirement Plan Summary Plan Description

May 20, 2020 Announcement

Creighton University is committed to providing a comprehensive and competitive retirement package. As part of this commitment, we have historically offered an employer matching contribution in the Retirement Plan of Creighton University.

Due to the current financial realities related to the COVID-19 pandemic, and after a great deal of reflection, discernment and consideration, we are suspending employer matching contributions effective July 1, 2020, and until further notice.  You will still be able to make your contributions to the plan as you normally do.

During this uncertain and difficult time, we want you to know our care for our faculty and staff has not changed. But this is the unfortunate circumstance we and many other universities find ourselves in today.

We will evaluate this decision over the coming months and will notify you immediately when matching contributions will be able to begin again.

In the meantime, we encourage you to continue your 403(b) elective deferral contributions. During volatile times, it can be tempting to change how you invest. But in the long run, you're generally better off staying the course rather than trying to jump out of, then back into, the market.

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Retirement Plan Details

Principal Account Management

Faculty and Staff can manage their Pre-Tax and Post-Tax (Roth) deferral percentage(s), modify their investments, change their allocations and manage their beneficiaries on the Principal website at www.principal.com or by calling 800.547.7754.

Any changes will begin as administratively feasible following the date of the change.

Retirement Plan Participation

Any employee of the University who completes at least one hour of service is eligible to participate in the Plan for purposes of making salary deferrals except the following individuals:

  • Employee who is a student performing services that meet specific requirements of the Internal Revenue Code.
  • Employee considered an independent contractor or an employee of an independent contractor.

Base Compensation

Base Compensation is your base pay from the University excluding stipends, commissions, bonuses and special payments.

IRS Maximum Contribution Limits

403(b) Pre-Tax and/or Post-Tax (Roth) Contributions

$19,500

Catch-up Contributions for age 50 or older

$6,500

TIAA Login Instructions

(Restricted to employees hired or rehired prior to November 1, 2008)

Employees who want to invest with TIAA-CREF need to access the Creighton micro-site at www.tiaa-cref.org/creighton and click on the ?Enroll Now? box. There are two plans identified on the micro-site as follows:

  • Creighton University DC Retirement Plan (Plan 101042)
  • Creighton University TDA Plan (Plan 101043) 

The DC is for employees that are eligible to receive the match (stores employee?s 0-5% deferral plus the University match). Please complete the application on-line.

The TDA plan (also known as a supplemental contribution or elective deferrals above an employee?s 5% deferral under the DC plan) is for employees not eligible for the match. Please complete the application on-line. 

In addition, you must print the Salary Reduction Agreement (SRA), complete all sections that apply to you as the participant and send to Human Resources, Attn: Angie Mills, for processing.

Retirement Plan Notices

Questions?

To help you navigate this uncertain time, our retirement partners have created FAQs to help answer your questions about market volatility and how it impacts your retirement savings. 

Principal Participants: Read an F.A.Q. In addition, there is also a dedicated resource page on managing uncertainty.

TIAA Participants (those hired prior to 10.1.2008): Visit the following page for resources for guiding you through turbulent times.

Please contact Angie Mills in Human Resources at angiemills@creighton.edu for more information.

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