Due to the University’s multi-year plan to achieve a sustainable, positive operating margin for financial resilience, Drexel University is suspending the employer match and basic contribution to the 403(b) retirement plan effective January 1, 2025, through December 31, 2025. We understand the importance of retirement savings and want to assure you that this decision was not made lightly.

What does this mean for you:

Starting January 1, 2025, employer contributions, including employer match and the basic contribution, will be suspended through December 31, 2025. Employees will not have to do anything to their current salary deferrals unless they wish to make a change.

As a result of this change to the employer match, you may want to consider an increase in your employee contributions. To make any changes to your 403(b) contribution:

• Log in to DrexelOne and select the Employee tab.
• Scroll down to the My Benefits heading on the left-hand side of the screen and select the link for “Retirement Plan management,” which will directly connect you to your account on TIAA.org without having to supply additional login credentials.
• Select Manage Contribution Amount under the “Accounts” menu. Update the percentage for your contributions and the date to make your change effective.

We encourage all employees to review their retirement savings plans and consult with a financial advisor, if needed, to understand how this change may affect your future goals. To schedule a 1:1 appointment, go to TIAA.org/schedulenow. You may also log into your TIAA account to access a variety of planning tools and resources.

To help you understand how your retirement plan works and how you can choose the right amount to contribute, please call TIAA at 800.842.2252. Financial professionals are available on weekdays from 8 a.m. to 10 p.m. (ET).