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  4. Retirement Plan for Faculty and Staff

Retirement Plan for Faculty and Staff

The Vanderbilt University Retirement Plan is a mandatory long-term investment program for eligible faculty and staff to prepare for retirement. The plan is administered by Fidelity Investments. Participation is mandatory at 3% as a condition of employment for eligible employees. Vanderbilt will match up to 6% of contributions. 

Sept 1, 2024 Enhancements

Auto-advance and auto-enrollment to 3% 

In September of this year, as a one-time action,  eligible employees who are voluntarily contributing at 1% or 2% will be automatically advanced to the 3% rate .   

  • For example, if an employee is only setting aside 1% of their salary toward retirement (not including the 3% mandatory contribution), Vanderbilt will automatically increase their voluntary contribution to 3%.   
  • Additionally, eligible employees who are not voluntarily contributing to the plan will be automatically enrolled at the 3% rate as well. These changes ensure that more employees are saving at the recommended level and taking advantage of the full retirement plan match.  Starting on Sept. 1, employees will have 35 days to opt out of the auto-advance or auto-enrollment before the new contribution percentage becomes effective in October . Instructions will be on  netbenefits.com/vanderbilt .  

Annual increase program  

To further encourage saving for retirement,  Vanderbilt is introducing the annual increase program . This program encourages employees to increase their contributions gradually.   

  • Each year on July 1, eligible employees who are voluntarily deferring between 1% and 6% will automatically have their contribution rate increased by 1%, up to a maximum of 7%.   
  • Starting on Sept. 1, employees will have 35 days to opt out of the annual increase before the new contribution percentage becomes effective in October.  Employees may opt out or change their voluntary contributions on  netbenefits.com/vanderbilt .  

If an employee wishes to change their voluntary contribution at any time in the future, they can make that change on a prospective basis by going to  netbenefits.com/vanderbilt .  

Vanderbilt has a 403(b) retirement plan for employees (nonprofit equivalent of a 401(k) plan). The Vanderbilt University Retirement Plan is a mandatory long-term investment program for eligible faculty and staff to prepare for retirement. Fidelity Investments is the plan’s administrative services provider.

Generally, you can enroll in the plan after your start date and begin making voluntary contributions the first of the month following your hire date. Starting January 1, 2024, newly hired or rehired non-union full-time regular staff and faculty non-union staff will be automatically enrolled in 3% mandatory and 3% voluntary contributions (total of 6% employee contributions) beginning with the first of the month following your hire date. Vanderbilt will match mandatory and voluntary contributions up to 3% for a total 6% match. Employees have 35 days from hire date to opt out or change their voluntary contributions by logging in to NetBenefits or by contacting Fidelity directly.

For more details, visit the Retirement webpage.

Vanderbilt will match up to 6% of your retirement plan contributions, in the following ways: Upon hire, full-time regular staff are automatically enrolled in the plan and mandatory contributions of 3% of your pre-tax salary as a condition of employment. The contribution is matched 100% dollar-for-dollar by Vanderbilt. Vanderbilt will also match 3% of your voluntary contributions, dollar for dollar, if you voluntarily contribute 3% or more. This can be done on a pre-tax or Roth (after tax) basis. The IRS sets an annual limit for voluntary retirement plan contributions. You are immediately vested 100% in their contributions and in the University's matching contribution upon your eligibility for participation. This means you immediately own your contributions and Vanderbilt's contributions upon eligibility and may take them if/when your employment with Vanderbilt ends.

Yes. The Vanderbilt University Retirement Plan accepts rollovers of taxable distributions from other pre-tax, qualified retirement plans. Only active employees currently contributing to Vanderbilt’s plan may roll over money into the plan. To process a rollover, call the Fidelity Retirement Service Center at 800-343-0860.

If you already have a NetBenefits account, simply log in to change your contributions. If you don’t have an account yet, click here for instructions.

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