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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.

Eligibility to participate in the plan:

All Drexel employees are eligible to defer pre-tax dollars out of their pay into the plan except for those in student employment, Co-op positions, temporary, casual and per diem employees.

Eligibility to receive University contributions:

Full-time, benefit eligible professional staff and faculty as well as Part-time employees who work more than 1,000 hours per year are eligible for a Drexel contribution as long as they are contributing to the plan

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.

In order to enroll, you must know which vendor it is you wish to participate with. Information on the vendors can be found with our Service Fees and Disclosure documents that are released on an annual basis: 403(b) Plan Fee Disclosures

A quick listing of the investments that are offered is also available for review: Retirement Plan Providers' Investment Structures [PDF]

Each vendor does try to be available once a month at the University City and Center City campus’ for individual sessions. Please review the Events Calendar that is posted on the HR website for times and dates that they will be available: http://drexel.edu/hr/about/calendar-events/

Employee & University Contributions

If you meet the eligibility requirements for the university contributions your contributions are matched, dollar for dollar, up to 6%. PLUS Drexel will contribute an additional 3% or 5% depending on whether you are over or under the age of 50.

The charts below give some examples of what your contributions will look like from the University based on how much you choose to contribute.

Under 50

EE Contrib
Univ Match Univ Basic
Total Contrib

1%

1% 3% 5%

2%

2% 3% 7%

3%

3% 3% 9%
4%
4% 3% 11%
 5% 5% 3% 13%
6% 6% 3% 15%
7% 6% 3% 16%

Over 50

EE Contrib
Univ Match Univ Basic
Total Contrib

1%

1% 5%  7%
2% 2% 5% 9%
3% 3% 5% 11%
 4% 4% 5% 13%
 5% 5% 5% 15%
6% 6% 5% 17%
7% 6% 5% 18%

Adjunct and Union employees may participate in the plan with their own contributions. They are not eligible for university contributions.

How to Enroll in or Change Your 403(b)

The following 403(b) instructions apply to all Drexel employees except those employed with The Academy of Natural Sciences of Drexel University (ANS). For the ANS Retirement Plan, please visit the ANS page

Limits and Contribution Information

Before enrolling, please note:

  • The limit for your contribution is $18,000. This is an IRS limit and not that of Drexel University.
  • If you are 50 or older, you may contribute up to an additional $6,000.

Enrollment 

To enroll in or make any changes to your 403(b) plan (this includes increasing or decreasing the contributions), you will need to log into Drexel One (one.drexel.edu), access the Employee Tab, under the ‘Benefits Administration’ section you will click on the ‘403b Plan Management’ link.

When enrolling, please note that you will need to know what percentage it is that you want to contribute. Changes can be made to the retirement plan on a month to month basis, if desired. The system will advise when the deduction will be effective – this depends on when the last time payroll ran for your pay group.

Full-time Faculty and Professional Staff who do not elect into the 403(b) Plan within 31 days of their hire date will be automatically enrolled with our default vendor, TIAA-CREF, at a 2% per pay contribution rate. If you do not wish to participate, you must actively waive participation in the retirement plan. To ensure that you are not defaulted, please be sure to enroll within your 31 day enrollment window that coincides with your Health Benefits Enrollment.

Should you have any questions, please contact Kristin (McCarthy) Bellamy at kmm472@drexel.edu or 215-895-4985. You may also send an email to the Benefits Inbox at HRBenefits@drexel.edu.

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:

Additional Information

Plan Numbers

Fidelity: 57748

TIAA-CREF: 406661

Vanguard: 091322

Rollovers

Should you want to roll money from a previous employer into your Drexel University plan, you will want to be sure that you are currently participating in the Drexel University Retirement Plan before submitting anything to the new vendor. If you aren’t yet signed up, please follow the instructions for enrolling noted above in the ‘How to Enroll’ section.

All vendors have different forms for this purpose, please see the vendors below and select the appropriate form:

Fidelity:

403(b) Rollover Form[PDF]

TIAA-CREF:

403(b) Rollover Form[PDF]

Vanguard:

403(b) Rollover Form[PDF]

Consolidate Vendors

To move funds from one Drexel affiliated vendor to another, you will need to submit the forms below to the vendor in which you wish the funds to go to. Forms are also available through the vendor websites if you have created an account online with them.

Fidelity:

Transfer/Rollover Form[PDF] (same form used to roll funds from previous employer)

TIAA-CREF:

Transfer/Rollover Form[PDF] (same form used to roll funds from previous employer)

Vanguard:

Asset Transfer Form[PDF]

Loans

Loans are offered only through TIAA-Cref. To get more information on this option, please contact TIAA-Cref directly at 800-842-2776.

Hardship Withdrawals

Should you be experiencing a severe financial hardship, you may be eligible to take funds out of your account being managed through Fidelity, TIAA-Cref or Vanguard. In order to qualify for this there are a few IRS approved hardships that you would need to provide documentation proving your situation. If approved, we will notify the vendor.

Employer contributions are not eligible for distribution while actively employed with the university. You will be penalized for an early withdrawal and the funds are considered taxable.

Employees who wish to initiate a Hardship Withdrawal should reach out to the vendor to begin the process. Once all the necessary paperwork is received they will send it to HR/Benefits for approval – the information is as follows:

Human Resources
Benefits/403b Hardship Request
3201 Arch Street, Suite 430
Philadelphia, PA 19104
Fax: 215.895.5813
Email: hrbenefits@drexel.edu

 

Please note that should you choose to take a hardship and it is approved your 403(b) contributions will be suspended for six months starting with the first available pay. The suspension also includes the employer contribution. There is no choice in the suspension – once the hardship is approved there will be a six month hold on the contribution.