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 and Vanderbilt will match that 3%. In addition to the mandatory match, Vanderbilt will also match 3.5% of your voluntary contributions for a total of up to 6.5% match.

Annual increase program

To encourage saving for retirement, Vanderbilt employees are automatically enrolled in the annual increase program which encourages employees to increase their contributions gradually.

Each year on Sept 3, 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. 3, 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 .

If you'd like to opt out of the annual increase program, read our step-by-step instructions.

If I’m already part of the voluntary annual increase program, will I be included in this new Annual Increase Program?

Yes, if your voluntary contribution rate is less than 7%
Do these programs include Roth contributions?

Yes, if you are only contributing post-tax funds to you Roth account and your contribution rate is less than 7%, either combined with pre-tax voluntary or just Roth, you will be included in these programs and your contributions will be increased.
If I want my contributions to remain the same, what do I need to do?

If you would like to opt out of these programs and not increase your contributions, you need to opt out by visiting NetBenefits®. Directions on how to opt out are below.
Since the Annual Increase Program will take place each year in September, do I need to opt out every year if I don’t want to increase my contributions?

Yes, you would need to opt out each year.
If I forget to opt out by the 35-day deadline, can I still make changes to my contribution?

Yes, you may make changes to your contribution rate at any time during the year by going to NetBenefits®.
If I miss the 35-day deadline to opt out, can I get a refund if I make changes on NetBenefits®. after the deadline?

No, contribution changes on NetBenefits® are prospective only, so no refunds will be allowed.
If I’m currently contributing 7% or more to my voluntary, will I be impacted by these programs?

No, if you are contributing a total of 10% or more, 3% mandatory and 7% voluntary or Roth, your contributions will not be impacted by these programs.
Does Vanderbilt have a 401(k)?

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.
Can I enroll in the retirement plan right away?

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.
How much does Vanderbilt match on the retirement plan?

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.
Can I combine my 401(k) from my previous employer into my Vanderbilt retirement account?

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.
How do I change contributions in my retirement plan?

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.

Retirement Plan for Faculty and Staff