Retirement Savings Plans 2019
Tufts provides a generous, university-funded retirement plan to eligible faculty and staff. If you are benefits-eligible, Tufts University contributes a percentage of your base salary to your retirement savings plan.
If you wish to save more for retirement, you may also choose to make contributions to a self-funded retirement plan offered through the university. This is a 403(b) voluntary retirement plan.
Go to eServe to review, enroll in, or make changes to your retirement savings plan elections. For step-by-step instructions, refer to the tip sheets below
- Tip Sheet: Updating Your 401(a) University-Funded Retirement Savings Plan (PDF)
- Tip Sheet: Updating Your 403(b) Voluntary Retirement Savings Plan (PDF)
Tufts University-Funded Retirement Plan
You are automatically enrolled in the Tufts University-funded retirement plan on your date of hire if you are a benefits-eligible employee* and age 21 or older. This is a 401(a) plan.
- If you are age 21 to 39, the university will contribute 5% of your base salary, up to the Social Security wage base, and 10% of your salary above the Social Security wage base.
- If you are age 40 or older, the university will contribute 10% of your base salary, up to the Social Security wage base, and 15% of your salary above the Social Security wage base.
Note: The Social Security wage base for 2019 is $132,900.
If you do not make an investment election, your contribution will be invested into the plan default, a Vanguard Target Date Fund.
You are 100% vested in the Tufts University-funded retirement plan once you have completed three years of eligible service.
Self-Funded Retirement Plan
If you are an eligible employee*, you may also choose to enroll in the self-funded retirement plan to contribute your own funds toward your retirement. This is a 403(b) voluntary retirement plan. You may sign up for the Self-Funded Retirement Plan anytime and the change will be effective with the next available payroll.
How to Enroll
To enroll, increase or decrease your contributions, or to change your investment choices, log into eServe. For detailed instructions on how to make a change, refer to Tip Sheet: Updating Your 403(b) Voluntary Retirement Savings Plan.
You may contribute up to the maximum IRS annual limit each year. Below are the IRS limits for 2019.
- If you are less than age 50, you can contribute up to $19,000 for calendar year 2019.
- If you are age 50 or older by December 31, 2019, you can contribute up to $25,000 for calendar year 2019.
- You are always 100% vested in this retirement plan.
- Hardship and loan provisions are available under this plan.
- You may roll over funds from other employer-sponsored qualified plans.
For More Information
Contact the company that manages your investment fund:
Fidelity Investments at 800-343-0860 or for one-on-one consultations, call 800-642-7131
TIAA at 800-842-2776 or for one-on-one consultations, call 800-732-8353
* Special Retirement Plans Consideration for International Employees
Unless otherwise stated in the employee's employment letter, a foreign national employee who is eligible to participate in the Tufts University domestic benefit programs, may only participate in the University-Funded Retirement Plan 401(a) and the Self-Funded (403b) Retirement Plan if the employee has a Social Security Number or Individual Taxpayer Identification Number.
Before participating in the Self-Funded Retirement Plan, the employee should consult a tax advisor familiar with the tax laws of the United States and the employee's home country.