Retirement Savings
The retirement plan gives you the opportunity to save money for your retirement. Eligible employees over age 21 may begin making contributions on their date of hire.
Empower
- (866) 467-7756
- www.empowermyretirement.com
How much can I save? Direct Link
- You can save from 1% to 92% of your total pay up to the 2020 IRS maximum of $19,500.
- If you are 50 years or older you may contribute an additional $6,000 IRS catch-up contribution.
- The money you contribute is always 100% vested.
What are my account options? Direct Link
- Traditional 401(k) plan – your contributions are made before taxes are taken out.
- Roth 401(k) – your contributions are made after taxes are taken out.
Is there a match? Direct Link
- Yes. The employer match is 50% of the first 6% of each paycheck contribution and you will be vested as outlined in the table below.
Vesting Schedule Direct Link
Employer Contributions are subject to a vesting schedule:
| Years of Service | Vesting % |
|---|---|
| Less than 1 year | 0% |
| 1 year | 25% |
| 2 years | 50% |
| 3 years | 75% |
| 4 years | 100% |
How is my money invested? Direct Link
- You have a list of funds to choose from if you wish to direct your investments.
- If you do not choose your investment option(s), contributions will be automatically deposited in the plan’s investment default.
- For detailed information about your investment options, please contact Empower at empowermyretirement.com or call by phone at 866.467.7756 | 800.345.1833 (TTY).
Loans & Hardship Withdrawals Direct Link
- Loans and Hardship withdrawals may be taken from your account while still employed with the university.
- Contact Empower for information and requirements for either option.
Rollover Contributions Direct Link
- If you have an outside qualified retirement plan or account (401(k), 403(b), 457(b) or IRA), you may be able to transfer your balance into our plan.
- Contact Empower at 866.467.7756.