Retirement Plan

The Foundation offers all employees a 403(b) retirement savings plan with TIAA. The plan includes the ability for every employee to make contributions from their pay to the plan, as well as a Foundation contribution to eligible employees. The Foundation provides the service of a financial advisor through CAPTRUST.

Employee Contributions

Employees are able to contribute to the Plan by electing a percentage of pay per pay period. Employees can  choose to contribute on a pre-tax basis (which defers federal and state income tax until distribution) or on a  Roth after-tax basis (amounts are taxed when contributed to the Plan but eligible distributions are tax-free).

Employees that do not make a voluntary election to contribute will be automatically enrolled in the Plan at  a pre-tax deferral rate of 2% of pay. Employees have the option at any time to elect a different deferral  rate, choose Roth instead of pre-tax, or elect not to contribute to the Plan at all.

Employee contributions are made as a percentage of pay each payroll period. Once a year, the deferral rate  automatically will increase by 1%, until the employee’s contribution rate reaches 6%. At any time, the employee  can elect to opt out of the automatic increase amount.

The IRS sets annual limits for employee contributions to the Plan. Visit https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-403b-contribution-limits  for full limit details, including catch up age requirements and catch up contribution amounts

Employer Contributions

Regular employees who work a minimum of 1,000 hours of service are eligible to receive employer contributions after completion of one year of service.

The Foundation will contribute a percentage of your salary, based on your age, to the Plan. This is an employer-paid benefit; there is no cost to the employee and no employee contributions to the Plan are required.
Contributions are made each payroll period and are 100% vested after completion of three years of service. Contributions are as follows:

• Under 40 years of age: 6% of pay
• Age 40 – 49: 12% of pay
• Age 50 and above: 18% of pay

Employees can manage their Plan accounts through TIAA at www.tiaa.org. Additional information is available through the Summary Plan Description and other important documents on the Foundation intranet and the TIAA website.

Questions?

Please visit online at: www.tiaa.org/fftc  Or call at: (800) 842-2252

The Foundation provides the service of a financial advisor through CAPTRUST. Please visit online: www.captrustadvice.com Or call: (800) – 967-9948