Retirement Plan
Â鶹´«Ã½ Fox University offers a 403(b) retirement plan to eligible employees – a plan offered by public schools and certain tax-exempt organizations. Like a 401(k) plan, a 403(b) allows employees to contribute a portion of their salary to the plan on a tax-deferred basis. This means that the employee does not pay taxes on the money that they contribute to the plan until it is withdrawn, typically after retirement. The plan also allows for after-tax Roth contributions.
We offer two variations of the plan:
- 403(b) Defined Contribution Plan: Under this plan, all eligible employees contribute 3% pre-tax to the plan and the university matches with 6% every month. Participation in this plan is mandatory for eligible employees.
- 403(b) Voluntary Contribution Plan: Under this plan, all employees (except for student employees) are eligible and can choose to contribute on a pre-tax and/or Roth (after-tax) basis. There is no employer match, and the IRS dictates the annual limits each year.
Eligibility Criteria
All regular employees, 0.5 FTE and above, are eligible to participate in the plan in the first full month following entering an eligible position. Employees become eligible for employer contributions after the first of the month following one year of employment.
The one-year employment requirement may also be satisfied by one year of full-time, benefits-eligible employment at any post-secondary educational institution immediately prior to employment with Â鶹´«Ã½ Fox. Enrollment in the employer/employee defined contribution plan is mandatory once the employee is eligible.
Retirement Plan FAQ
If you are currently contributing 3% into the 403(b) and getting the 6% Â鶹´«Ã½ Fox University match, you can elect to contribute additional pre-tax earnings or make a contribution to your Roth after-tax plan up to the maximum annual amount as defined by the IRS.
You may use either a percentage of your gross wages or specific dollar amount for the monthly contribution amount. You can make the election in your retirement account at .
You elect the amount you want to contribute each month in your voluntary retirement plan, up to the maximum allowed. We don't automatically increase your contributions when you become eligible for the catch-up contributions, however you can set up an automatic annual increase in your retirement account in .
The normal and additional catch-up limits are defined by the IRS each year. Your 3% contribution does not count toward the maximum, since it is considered a mandatory contribution.
Once you become eligible for this benefit and begin contributions in the 403(b) plan with employer contribution it becomes a mandatory contribution, so it cannot be modified or canceled as long as you remain a benefits-eligible employee.
Retirement Contact Info
Our current retirement plan recordkeeper is Nationwide. You can access your Nationwide account online at .
Customer Service: 1-877-677-3678
Retirement Resource Team (financial planning): 1-888-401-5272
Nationwide Retirement Specialist
Schedule a free consultation to:
- Identify your retirement goals
- Develop a personalized retirement plan
- Keep track of your plan over time
Phillip Carbajal
360-953-4841
phillip.carbajal@nationwide.com
Retirement Plan Investment Committee
The Retirement Plan Investment Committee has the responsibility of managing the retirement plan in the best interest of participants and beneficiaries. The committee members are obligated to carry out their duties with care, skill, prudence, and diligence.
The trustees overseeing the plan are the Â鶹´«Ã½ Fox University Board of Trustees, including its President and CFO. The committee's primary goal is to fulfill fiduciary responsibilities and ensure the well-being of those participating in the retirement plan.
Committee minutes are available upon request.
Contact us at retirement@georgefox.edu.
Committee Members
Steve Gulley
University Board of Trustee Member
