Defined Contribution Retirement 403(b) Plan
In addition to Social Securty retirement coverage, the University of Indianapolis provides a retirement savings plan for eligible employees.
All newly hired eligible employees are immediately able to enroll and make tax-deferred supplemental contributions into a retirement account with Teachers Insurance and Annuity Association (TIAA). This benefit is available immediately upon employment and is not contingent upon eligibility for the University matching retirement contributions in the retirement savings program. Federal law dictates the maximum amount employees are eligible to contribute under this plan and penalties for early withdrawals may apply.
Employees that are eligible for matching contributions may enroll and make designated tax-deferred contribution amounts in order to receive designated UIndy matching contributions into the Retirement Savings Plan with Teachers Insurance and Annuity Association (TIAA).
Employees are eligible for matching contributins after they have met one of the following requirements:
- One (1) year of qualifying service at UIndy, or
- One (1) year of full time service with another institution of higher education within six (6) month of their UIndy employment date.
UINDY MATCHING CONTRIBUTIONS SCHEDULE
|Years of Continuous Service||Employee Matching Contribution||Employer Matching Contribution|
Retirement Plan Documents
Emeriti Retirement Health
This post-retirement health program is designed to provide an increasing level of confidence to faculty and staff through early funding for health care needs during the working years and national access to supplemental insurance coverage in retirement. It is a non-profit health benefits program designed exclusively for the high education community. The University will contribute a monthly amount to eligible employees’ accounts (must be age 40 with 3 years of service). Employees age 21 and older may also make voluntary contributions on an after-tax basis (no maximum applies).