Retirement Plan for Faculty and Staff
The Vanderbilt Retirement Plan is a long-term investment program for eligible employees to prepare for retirement. There are four investment companies from which to choose — TIAA-CREF, Vanguard, VALIC, and Fidelity. The Vanderbilt Retirement Plan is a mandatory 403(b) plan.
For eligibility rules for staff/house staff, faculty and VMG faculty, click on links below.
The ‘Mandatory’ contribution is 3% (6.47% for VMG) of your annual salary and Vanderbilt matches 3%.
After meeting eligibility, you may choose to invest an additional 2%, called ‘basic’ contributions. Vanderbilt will match this 2% dollar-for-dollar.
All eligible employees can choose to contribute at the supplemental level the first of the month after they are hired. Supplemental contributions are not matched by Vanderbilt.
The total of Basic and Supplemental contributions cannot exceed IRS limits.
Enrollment Options
To begin your retirement investments in Vanderbilt's Retirement Plan, complete the Retirement Plan Election Form (Salary Reduction Agreement) available on the Forms and Documents page. You may pick up an application at orientation or at HR Express, 2525 West End Avenue, second floor. If you do not submit all necessary forms by your eligibility date, your contributions will default to a Fidelity Freedom fund. You may transfer out of the default at any time.
Changes to your Vanderbilt Retirement Plan contribution percentage can be made once a calendar quarter and are effective the month after your completed and signed Retirement Plan Election Form is received in the Benefits Office.
If you plan to change your retirement contribution amount, you must use the NEW 2009 Retirement Plan Election Form (SRA) on the Forms and Documents page. If you want to change your investment/fund choice(s), you must also submit the investment company form.
Any earlier versions of the retirement election form (SRA) submitted to the Benefits Office December 1, 2008 or after will be returned to you.
Limits for 2009 and 2010
IRS announces no change to Plan Limits for 2010
Each year the Internal Revenue Service issues limits on the amount of elective contributions an individual can make. The maximum elective contribution level for 2009 and 2010 is $16,500 for faculty and staff under 50 years old, and $22,000 for those 50 and older. This limit applies to all elective contributions made by a participant to the Vanderbilt Retirement Plan aggregated with any other employer-sponsored plan. For the Vanderbilt University Retirement Plan, elective contributions include your basic and supplemental amounts, and do not include the mandatory amount.
Click here to open the Retirement Plan Maximizing Calculator for the remainder of 2009.
Roth 403(b) Option Available 2009
Beginning January 1, 2009, the Vanderbilt Retirement Plan will offer a Roth 403(b) after-tax option through Vanguard. To learn more about the Roth investment avenue click here to view Vanguard's Web-based Roth presentation.
Click here to view a Roth frequently asked questions PDF.
Eligibility and Enrollment Rules
More Information on the Retirement Plan
- Investment Company Information
- Introduction to the Retirement Plan
- Rollovers from Your Previous Employer's Plan
- Withdrawals & Distributions
Note: The Office of Benefits Administration does not accept faxed forms. The best way to submit your completed forms is to deliver them in person to HR Express, 2525 West End Avenue on the second floor. You may also mail forms to the address at the bottom of the form.
For complete details of the Retirement plan, refer to the “Retirement Plan Summary Plan Description" on the Forms and Documents page.
Vanderbilt University is committed
to principles of equal opportunity and affirmative action.
HR Express 2525 West End Ave Suite 218 Nashville TN 37203 Hours M-F 7:30 - 5:30 Last Updated: October 28, 2009 |
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