Retirement Savings

Stevens realizes the importance of saving towards retirement and has established a 403(b) plan to assist you in meeting your long-term financial goals. For more information regarding Stevens' retirement plans, investment fund options, fund performance and prospectus information, please visit www.tiaa.org/Stevens.

All full-time regular employees, except for certain staff positions, are eligible to contribute to the 403(b) plan from their date of hire.

Through automatic payroll deductions, you may contribute a percentage of your eligible pay on a pre-tax basis up to the lesser of the annual IRS benefit maximum or 100% of compensation (some restrictions apply for highly compensated employees). You may invest your contributions and Stevens matching contributions in a variety of investments. Participants age 50 or older may also make additional catch-up contributions, subject to IRS regulations. Please note that you may stop your contributions to the 403(b) plan at any time. If you wish to change your contribution amount or resume participation, you may do so at any time.

Faculty, Exempt Staff or Campus Police Employees: If you make elective deferrals of at least 5% of your eligible earnings the University will make a matching contribution from 6% - 10% depending on your age as of July 1st.

Union Employees: A University fixed contribution equal to 2% of your eligible earnings will be remitted to TIAA on your behalf. If you choose to make elective deferrals of 1%, a 3% University match will be made. If you elect to defer 4% - 10%, a University match in the amount equal to your deferral will be made (maximum 10%).

Non-Exempt Employees (not Union): A University fixed contribution equal to 2% of your eligible earnings will be remitted to TIAA on your behalf. If you choose to make an elective deferral of 1% or more, a maximum 3% University match will be made.