Retirement Plan Objectives: Gonzaga University wants each employee to have income to supplement Social Security benefits at retirement. Gonzaga's formal 403(b) retirement plan allows participants to:
- accumulate a substantial portion of retirement benefits for long term service with the University
- accumulate retirement benefits which can be added to benefits from other employers for those who have served the University for a shorter time.
Participation: Beginning the first day of the month following one (1) year of service, all employees working a minimum of 1,000 hours per year enroll in the University's defined contribution plan. Participants contribute 5% of their salary and the University contributes 8.5%.
Participants may voluntarily contribute during the first year of employment, or make additional voluntary contributions beyond the required 5%. The University does not match voluntary contributions. Voluntary contributions are subject to IRS limitations.
All contributions to the 403(b) plan are tax deferred, and reduces employees' gross taxable income by the contribution amount.
Investment Options: Gonzaga's policy is to use the investment vehicles that provide a reasonable return to all participants. Many investment options are available. However, given the nature of retirement funds, the University selects only those investment options deemed prudent. To minimize risk, the University uses major financial service organizations with high industry ratings, substantial size, and experience.
Individuals have varying financial needs and investment goals depending on their age, length of service, personal financial status, and risk tolerance. To accommodate these variances, the retirement plan allows participants to select fixed income and/or common stock options.
While the University cannot advise individuals on investment selections, the plans will enable participants to make changes in their investment options during the course of their careers.
Retirement Committee: University administrators, including but not limited to the Vice President for Administration and Planning, the Vice President of Finance, the Assistant Vice President of Human Resources, Corporate Counsel and the Benefits Manager, will meet annually to review the program in light of current economic conditions, benefit plan trends, and investment performance. University personnel are represented on the Retirement committee by the chairperson of the Faculty Benefits Committee and a representative from the Staff Assembly.
For additional information and resources, please click on the links to the left.
Gonzaga University offers two retirement options- Fidelity and TIAA-CREF.
To contact TIAA-CREF, call 1-800-842-2776 or go online: www.tiaa-cref.org.
To contact Fidelity, call 1-800-343-0860 or go online: www.fidelity.com/atwork.