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Drexel University Retirement Plan

The University retirement plan is a defined contribution 403(b) program which provides for employee contributions and University contributions. University contributions are available after the employee has completed one year of service, which may be waived for newly hired faculty and professional staff who have previously participated in 403(b) plans at other institutions.  Visit the Waiver of the One Year of Service Requirement page for more details.

Retirement Plan Providers

Drexel works with three retirement plan vendors in order to provide employees with a variety of options.

Fidelity Investments

General counseling: 1-800-343-0860
Schedule an individual session at Drexel: 1-800-642-7131, or make an appointment using Fidelity's website.

TIAA-CREF

General counseling: 1-800-842-2776
Schedule an individual session at Drexel: 1-800-842-2010

Vanguard Group

General counseling: 1-800-523-1188
Schedule an individual session at Drexel: 1-800-662-0106, ext. 14500, or make an appointment using Vanguard's website.

Retirement Plan Providers' Investment Structures [PDF] 

403(b) Plan Fee Disclosures

Employee & University Contributions

Drexel University offers two contribution plans: a voluntary plan for faculty and professional staff ages 25-34 and for those over 34 who wish to contribute more than the mandatory 2%, and a required plan for faculty and professional staff who are 35 or older with at least one year of service.  If you are receiving a University contribution in the Mandatory Plan, you are not eligible to also receive one in the Voluntary Plan.  The breakdown of these plans is as follows:

Voluntary Plan

Minimum Employee Contribution
(as percentage of salary) 
University Contribution

 2%

 3%

 3%

 4%

 4%

 5%

 5%

 7%

Additional employee contributions up to the annual legal limit are permitted.

Mandatory Plan

Age Minimum Employee Contribution
(as percentage of salary)
University Contribution

 35-39

 2%

 7%

 40-49

 2%

 9%

 -50 and over

 2%

 11%

How to Enroll in or Change Your 403(b)

The following 403(b) instructions apply to all Drexel employees except those employed at the College of Medicine.  If you are a Drexel University College of Medicine employee, please see the DUCOM Retirement page for instructions.

Limits and Contribution Information

Before enrolling, please note:

  • The limit for your contribution is $17,500. If you are required to participate, the required 2% deduction is not considered part of the limit.
  • If you are 50 or older, you may contribute up to an additional $5,500.
  • If you were enrolled in a 403(b) plan at any time in your career and can submit proof, Drexel will waive the year of service requirement for a University contribution. Visit the Waiver of the One Year of Service Requirement page for more details.
  • All enrollments/changes must be to Human Resources on the first day of the month in which you wish to enroll or make a change. 

Enrollment 

To enroll in or make any changes to your 403(b) plan (this includes increasing or decreasing the contributions), please fax an Enrollment/Change Form [PDF] form to Human Resources at 215-895-5813.

Should you have any questions, please contact Kristin McCarthy at kmm472@drexel.edu or 215-895-4985.

Investment Education

How you're going to save for retirement is an important personal decision, which is why we suggest educating yourself on your investment opportunities.  Drexel and its retirement plan vendors offer a variety of workshops, advice, and other tools to help you make investment decisions.

On-Campus Conferences and Workshops

Drexel hosts individual conferences and group workshops with our retirement plan vendors several times a year.  Visit the HR Events Calendar for the workshop schedule.

Online Workshops, Planning Tools, and Calculators

Our investment providers offer several written and video workshops, planning tools, and investment calculators. To learn more, visit our providers' websites: