All faculty, including Post-doctoral Fellows, and staff employees hired in a benefits eligible position are eligible on the first of the month coinciding with or immediately following the date of hire.

Enroll online at any time, or by calling the Fidelity Retirement Service Center at 1-800-343-0860.

When you enroll in the Plan in NetBenefits, you can choose where you want your contributions directed and your retirement provider(s). You have online access virtually 24/7 to make changes to your retirement savings account.

The amount of the contribution is determined by the employee, but must be an amount that does not exceed the employee's statutory exclusion allowance under Section 403(b) or the limitations of Section 415 or 402(g) of the Internal Revenue Code, whichever is less. The tax-deferred contribution is made on a semi-monthly basis coinciding with the pay date.

You can choose to direct 100% of your deferral election to one provider or split your deferral election to contribute a portion to each retirement provider. For example, you can elect to direct 50% to Fidelity and the other 50% to TIAA. Or you can elect any other split you prefer as long as the total equals 100%.

Please note: Santa Clara University will make a contribution of 10% of your pay to the Santa Clara University 401(a) Plan each Plan Year that you are eligible.

A Roth contribution to your retirement savings plan allows you to make after-tax contributions and take any associated earnings completely tax free at retirement - as long as the distribution is a qualified one. A qualified distribution, in this case, is one that is taken at least five tax years after your first Roth 403(b) contribution and after you have attained age 59½, or become disabled or die. Through automatic payroll deduction, you may contribute between 1% and 100% of your eligible compensation as designated Roth contributions, up to the annual IRS dollar limits.

Find more information online within the "Plan & Learn" drop down and "Learn" section of NetBenefits^®.

If you have reached age 50 or will reach 50 during the calendar year January 1 – December 31 and are making the maximum plan or IRS contribution, you may make an additional catch-up contribution each pay period. The maximum annual catch-up contribution is $7,500. Going forward, catch-up contribution limits will be subject to cost-of-living adjustments (COLAs) in $500 increments.

Starting in 2025, the SECURE 2.0 Act increases the limit for you if you have attained age 60, 61, 62, or 63 in a given calendar year. The limit for 2025 is $11,250.

The IRS contribution limit for 2025 is $23,500.

You are always 100% vested in all contributions to your plan, as well as any earnings on them.

To help you meet your investment goals, the Plan offers you a range of options. You can select a mix of investment options that best suits your goals, time horizon, and risk tolerance. The various investment options available through the Plan include conservative, moderately conservative, and aggressive funds. A complete description of the Plan’s investment options and their performance, as well as planning tools to help you choose an appropriate mix, are available online.

We encourage you to take an active role in the Santa Clara University 403(b) Retirement Plan and choose investment options that best suit your goals, time horizon, and risk tolerance. If you do not select specific investment options in the Plan, your contributions will be invested in the Vanguard Target Retirement Fund with the target retirement date closest to the year you might retire, based on your current age and assuming a retirement age of 65, at the direction of Santa Clara University.

If no date of birth or an invalid date of birth is on file at Fidelity, your contributions may be invested in the Vanguard Target Retirement Income Fund. More information about the Vanguard Target Retirement Fund options can be found online.

Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.

Although your plan account is intended for the future, you may borrow from your account for any reason. Generally, plan rules allow you to borrow up to 50% of your vested account balance. The minimum loan amount is $1,000, and a loan must not exceed $50,000. You may have one outstanding loan at a time across the Santa Clara University 403(b) and 401(a) Plans.

Please contact your investment service provider directly for more information on taking a loan from your plan.

You are generally allowed to withdraw money from your plan when you leave your employer, retire or become permanently disabled. Also you may be eligible for a distribution if you have a financial hardship as defined by your plan. Withdrawals may be subject to income taxes and, if they occur prior to you becoming age 59½, a 10% early withdrawal tax penalty.

For more information, call the Fidelity Retirement Service Center at 1-800-343-0860. If you have an account with TIAA, you can call 800-842-2252.

If you have not already selected your beneficiaries, or if you have experienced a life-changing event such as a marriage, divorce, birth of a child, or a death in the family, it’s time to consider your beneficiary designations. Fidelity’s Online Beneficiaries Service, offers a straightforward, convenient process that takes just minutes. To make your elections, click on the “Profile & Settings” icon in the upper right-hand corner, then select “Beneficiaries” and follow the online instructions.

Learn about loans, exchanges, and more online. In particular, you can access loan modeling tools that illustrate the potential impact of a loan on the long-term growth of your account. You will also find a withdrawal modeling tool, which shows the amount of federal income taxes and early withdrawal penalties you might pay, along with the amount of earnings you could potentially lose by taking a withdrawal. Additional information can be obtained by calling the Fidelity Retirement Service Center at 1-800-343-0860.