Retirement Savings Plans and Investment Funds

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 the University-Funded Retirement Plan for you. If you wish to save more for retirement, you may also choose to make contributions to a self-funded retirement plan also offered through the university. For both plans, you have the option to select your investment funds or use the plan default.

Tufts University-Funded Retirement Plan – 401(a)

You are automatically enrolled in the Tufts University-Funded Retirement Plan - a 401(a) plan - on your date of hire if you are a benefits-eligible employee* and meet the minimum age requirement.

Eligible Employees

• Age 21** or older and
• Have a Social Security Number/ITIN and
• Faculty: Half-time or more (as determined by their academic department and an appointment of at least two semesters OR
• Staff: Regularly scheduled to work at least 17.5 hours or more for a minimum 90-day period

Contributions for Eligible Employees

• 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.
• 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 is $168,600 for 2024 and $176,100 for 2025. (See SSA Wage Base).

If you do not make an investment election, your contribution will be invested into the qualified default investment alternative for the Plan , 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 – 403(b)

Eligible employees may choose to enroll in the Self-Funded Retirement Plan to make their own pre-tax contribution up to the Internal Revenue Service (IRS) annual limit. This is a 403(b) voluntary retirement plan. You can enroll or change your elections in the 403(b) Plan at any time. All changes will be effective with the next available payroll.

Automatic Enrollment into the 403(b) Plan

New employees and rehires, including temporary employees on Tufts payroll, are automatically enrolled with a 6% contribution in the 403(b) Plan after 35 days of employment. You will be notified of this automatic enrollment by mail from Fidelity at your home address. If you wish to choose another deferral percentage or opt out of this benefit (0%), you must change your election accordingly during your initial 35-day enrollment period. All changes will be effective with the next available payroll.

Once your 403(b) contribution is processed, it cannot be refunded until you are eligible for a distribution*. You may increase or decrease your 403(b) deferral at any time in the future. All changes will be effective with the next available payroll.

Roth 403(b) Contribution Option

As of January 1, 2024, Tufts University added a new feature to the Self-Funded Retirement Plan – 403(b) to help you meet your retirement and financial goals, the Roth (after-tax) contribution option. This gives you more flexibility to save for your retirement, as you can designate your future contributions as pre-tax, after-tax (Roth), or a mix of both. 

Understanding Roth versus Pre-Tax Option:

• Roth 403(b) contributions and withdrawals are taxed differently from traditional 403(b) contributions.
• Roth 403(b) contributions are taxed on an after-tax basis compared to traditional 403(b) contributions, which are pre-tax. Since you already paid taxes on the Roth contribution, distributions are tax-free when withdrawn.
• Traditional 403(b) contributions, in contrast, are made on a pre-tax basis, which means the funds are not included in current taxable income at the time of contribution. Distribution of pre-tax contributions and any earnings are subject to income taxes when withdrawn.
• IRS contribution limits: There is a maximum you can contribute to the 403(b) Plan, which is regulated by the IRS. The annual limit includes the total of pre-tax and after-tax (Roth) contributions.
• Getting started: Roth contributions are elected at netbenefits.com/tuftsuniversity; view the Fidelity tip sheet for step-by-step instructions.

IRS Contribution Limits

You may contribute to the 403(b) Plan up to the below maximum IRS annual limit each year, which is based on your age: 

• Calendar year 2024:
  • If you are less than age 50, you can contribute up to $23,000.
  • If you are age 50 or older by December 31, 2024, you can contribute up to $30,500.
     
• Calendar year 2025:  
  • Less than age 50: Up to $23,500
  • Between the ages of 50-59 or age 64 or older by December 31, 2025: Up to $31,000
  • Ages 60-63 as of December 31, 2025: Up to $34,750
    • If you are eligible for this “super” catch up contribution, information is available on NetBenefits.
    • For more information, please contact Fidelity at 800-343-0860. 

Other Self-Funded Plan Details

• You are always 100% vested in the 403(b) Plan.
• Hardship and loan provisions are available under this Plan.
• You may roll over funds from other employer-sponsored qualified retirement plans into the 403(b) Plan.
• Please note that the Tufts University payroll system automatically stops your annual 403(b) contribution at the IRS limit based on your age as of December 31 of the current year.

Investment Fund Options

You have the choice of 18 mutual funds for investing both your Tufts-University Funded and Self-Funded Retirement Plans. You may choose to invest through Fidelity and/or TIAA. Use this chart to see all your investment options. To choose your investment elections, please contact Fidelity and/or TIAA depending on your choice of vendors.

If you do not choose a vendor or mutual fund for your investments, your funds will automatically be invested in the qualified default investment alternative for the Plan, a Vanguard Target Date fund, offered through Fidelity. If you choose TIAA as your vendor but do not choose an investment, your funds will automatically be invested in the TIAA qualified default investment alternative, the Vanguard Balanced Index Fund. Note: You must make an investment and vendor election for each Plan individually.

Investment performance is included on the Fidelity and TIAA microsites:

• Funds at Fidelity for 401(a) and 403(b) Plans
• Funds at TIAA for 401(a) Plan
• Funds at TIAA for 403(b) Plan

Using NetBenefits to Access Your Retirement Account

Regardless of which vendor you choose (Fidelity and/or TIAA), you will use NetBenefits to enroll, increase or decrease your contributions, or to change your investment choices. For step-by-step instructions, refer to the tip sheets below:

• Register for NetBenefits or for support logging on: Tip Sheet: How to Register
• Enroll in the 403(b) Plan: Tip Sheet: 403(b) Enrollment
• Change your Retirement Plan provider (Fidelity or TIAA): Tip Sheet: How to Change Your Provider
• Change your 403(b) contribution: Tip Sheet: How to Change Your 403(b) Plan Contribution
• Add or change your beneficiary online: Tip Sheet: How to Change 403(b) Beneficiary

If you have questions about NetBenefits, contact Fidelity at 800-343-0860.

International Employees

Unless otherwise stated in the employee's employment letter, a foreign national employee who is working in the United States and 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 Retirement Plan - (403(b) 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.

Questions? Vendor Contacts

Fidelity: If you have questions about managing your Tufts University Retirement Plans, please contact Fidelity at 800-343-0860.

TIAA: If you have questions about TIAA or want to choose your investment elections at TIAA, call 800-842-2776.

*See Summary Plan Description for full details.

**Benefits Eligible employees must be at least age 21 and become eligible to participate in the 401(a) Plan as of the entry date (January 1 or July 1) following their 21st birthday.