Retirement Savings

Stevens realizes the importance of saving towards retirement and has established retirement savings plans 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.

If you are participating in Stevens' retirement savings accounts, you will need to register for access to TIAA's portal. This will allow you to elect voluntary contributions, make investment choices, and take other actions related to your account. It also gives you access to TIAA's extensive education resources to learn more about saving for retirement.

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

Voluntary employee retirement elections can be changed via the TIAA portal throughout the calendar year to contribute up to the IRS annual maximum. The 2025 employee elective salary deferral limit is $23,500. For employees ages 50 or older, there is an additional catch-up contribution of $7,500 (making the total contribution limit $31,000).

You will also use the TIAA portal to decide how to invest your contributions and designate beneficiaries for your plan.

When electing voluntary contributions, you have the option to make them either pre-tax or post-tax ROTH, or a combination of the two. The TIAA learning article has more information on the difference and TIAA's advisors can also provide guidance for your personal finance and goals.

Employee contributions are always 100% vested.

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.

The 457(b) is a separate, additional retirement savings vehicle for a select group of management and highly compensated employees. This means these qualified employees may make additional tax-deferred contributions beyond what the 403(b) plan allows.

The account is separate from a 403(b) account and is funded entirely from voluntary employee contributions. These contributions are not matched and Stevens does not in any way contribute to this retirement plan.

457(b) contributions are also managed through the TIAA portal.

Stevens previously offered Non-Academic Staff Employees and No. 660 pension plans, which were frozen in 1994. To be eligible, a staff member must have had at least 10 years of service as of January 1, 1994. The benefit amount for an eligible employee is calculated when they retire.

Equitable is the payment processor and recordkeeper for the pension plans. For more information, please contact [email protected].