403(b) Retirement Plan

The Monmouth University 403(b) Defined Contribution Retirement Plan is a defined contribution plan designed to meet the requirements of section 403(b) of the Internal Revenue Code (Code).  The Plan was established to provide retirement benefits and savings opportunities to employees and to provide benefits to their beneficiaries in the event of their death.

All employees are eligible to participate (to make elective contributions) in the Plan immediately upon hire except for Leased Employees and Student Employees.  While all eligible employees can make elective contributions to the plan, not all employees are eligible for Employer Contributions or Matching Contributions.  Please see the Summary Plan Document, available from the Office of Human Resources, for further details.

Enrollment in the plan may occur at any time and does not require an open enrollment period. Contributions must comply with IRS guidelines. The University contributes 8% of gross earnings to the eligible employee’s plan after the required service requirement is met as long as the employee is contributing at least 5% to the plan. The service requirement varies according to collective bargaining agreements or University policy.  Years of service in higher education is the twelve months prior to your hire date at Monmouth and may qualify for waiver of all or a portion of the service requirement. Verification of Service in Higher Education is required for consideration of waiving the waiting period.

Thanks to new retirement plan features introduced by the IRS, eligible employees will be able to save even more money for the future.

Roth Contribution Options

In addition to, or in place of, employees have the option to make contributions after-tax with Roth contribution options. In your retirement plan, your pretax contributions accumulate tax deferred, and withdrawals are taxable. With the designated Roth option, your after-tax Roth contributions also accumulate tax deferred, but may be taken tax free in a qualified distribution. A qualified distribution is one that occurs at least five years after the year of your first Roth contribution and is made either on or after attainment of age 59½, on account of disability, or on or after death. Meet with your financial consultant to determine if Roth contributions are right for you.

Super Catch-Up for Ages 60-63

Plan participants who are 60-63 years old at any time in the calendar year will be able to make additional contributions via the new super catch-up provision. In 2025, the super catch-up allows you to add up to $11,250 to the standard contribution limit, so participants in this age group may defer up to $34,750.

For plan participants ages 50-62 and 64+, the standard catch-up applied, which will remain $7,500 in 2025.

2025 Contribution Limits

Age range2025 Standard IRS Limit2025 Catch-Up2025 Total Limit
Ages 49 and below$23,500None$23,500
Ages 50-62 and 64+$23,500$7,500$31,000
Ages 60-63$23,500$11,250$34,750

Flexible Investment Choices

TIAA-CREF will be the recordkeeper for the 403(b) Retirement Plan. The plan’s investment choices include mutual funds and annuity accounts, including several Lifecycle Funds. Lifecycle Funds automatically change their investment mix and risk profile as participants get older and closer to retirement. Visit Monmouth University’s dedicated plan website with TIAA-CREF for more details regarding the investment choices offered through the plan.

How to Start Investing

You must establish an account with TIAA-CREF, and submit a salary reduction agreement to the Office of Human Resources to begin your contributions.  You can establish your account in two ways:

  • Enroll Online – visit the Monmouth University page on the TIAA website and select the enroll now button found on that page. Instructions on how to enroll are available online.
  • Enroll in Person with a TIAA Individual Consultant – individual consultants are here on campus several times throughout the year to assist you in your application and to provide you with guidance in obtaining your retirement goals. You can schedule an appointment to meet with a consultant by calling 800-842-8412 Monday through Friday between 8 a.m. and 5 p.m. A schedule of dates that TIAA-CREF consultants will be here on campus can be found below.

TIAA Consultants Available for Individual Virtual Meetings

TIAA-CREF offers personalized, objective advice, delivered by noncommissioned consultants who will only recommend investments that are appropriate for your unique savings needs. They will help you tailor your portfolio through careful analysis and detailed investment recommendations. Their consultants can evaluate whether you’re saving enough to reach your retirement goals and investing in a way that helps optimize your investment earnings.

Appointments will generally run 45 minutes to 1 hour. You can schedule as many appointments as you may need to help you accomplish your goals. Call 800-842-8412, Monday through Friday between 8 A.M. and 5 P.M EST, to schedule an appointment or a virtual appointment with a TIAA-CREF consultant during one of the dates and times below. You also can schedule an appointment by visiting Consultations and Seminars section of the TIAA website. The financial consultant that services Monmouth University employees is Chelsea Pauciullo.

Some employees may have established accounts with AXA Equitable or Fidelity prior to May 1, 2010. While these vendors are no longer approved investment providers of the Plan, employees that have account balances with AXA Equitable or Fidelity may retain those accounts after May 1. However, all salary reductions made to the Plan after May 1 must be invested with the approved provider, TIAA-CREF. Please review the Summary Plan Description for full details regarding allowable transactions with these providers following May 1.

Upcoming Opportunities for Consultations

TIAA will be available these dates and times for one-on-one sessions.

DateTimeLocation
Tuesday, April 15, 20259 a.m.–5 p.m.Howard Hall, Room 216
Friday, May 2, 20259 a.m.–5 p.m.Pozycki Hall, Room 214
Tuesday, June 10, 20259 a.m.–5 p.m.Pozycki Hall, Room 214
Wednesday, July 16, 20259 a.m.–5 p.m.Pozycki Hall, Room 214
Thursday, Aug. 14, 20259 a.m.–5 p.m.Pozycki Hall, Room 214

Some employees may have established accounts with AXA/Equitable or Fidelity prior to May 1, 2010. While these vendors are no longer approved investment providers of the plan, employees who have account balances with AXA/Equitable or Fidelity may retain those accounts after May 1. However, all salary reductions made to the plan after May 1 must be invested with the approved provider, TIAA. Please review the Summary Plan Description for full details regarding allowable transactions with these providers following May 1.

Upcoming Webinars

Register for TIAA’s live webinars to get financial information, news and tips from our experts. Reserve your spot by clicking the registration links below. These webinars are part of your retirement plan benefits.

Reserve Your Spot for a Webinar

Charting Your Course: A Financial Guide for Women

March 12, 12 p.m.

Jump-start your financial journey. We will help you discover how to make your money work for you.

Tax Planning Opportunities

March 27, 3 p.m.

Identify key tax considerations and learn which factors impact your situation. Plan for what you know, prepare for change.

Quarterly Economic and Market Update

April 9, 12 p.m.

Hear from the experts in our Wealth Chief Investment Office on the global economy’s effect on your retirement strategies.

Planning for Life Milestones

April 16, 12 p.m.

From marriage to the loss of a loved one, ensure you’re prepared for steps in your life journey.

April 24, 3 p.m.

Learn how to manage caring for your aging parents while supporting your adult children. It can be done.

Financial Resources