WashU provides its faculty and staff with a defined contribution retirement savings plan (403b). It combines employee contributions, university contributions, and investment earnings. The record-keeper for the plan is TIAA.

You may be interested in a video presentation explaining the plan and options.

There are two opt-out features to be aware of in this plan:

  1. Upon hire, you will be automatically enrolled into the Retirement Savings Plan at a contribution level of 3% per pay period.
  2. You will be automatically enrolled in the auto-save feature, which increases the employee contribution by 1 percent annually until you reach 10 percent employee contribution.

The University provides a contribution to the Plan following two years of eligible service. You must be a benefits-eligible employee and contribute the required minimum percentage of your salary. For employees earning $45,000 or more per year, the minimum required contribution is 5%.

More details are available on HR’s website.