Retirement Savings Plans
Drexel University offers a 403(b) Defined Contribution Retirement Plan for all full-time and part-time employees, and employees classified as adjunct, casual, temporary, per diem or co-op. Full-time faculty and professional staff whose salaries exceed $150,000 in their primary job during the calendar year can make additional contributions to the 457(b) Deferred Compensation Plan.
Drexel’s Retirement Plans offer tax savings and diversified investments to meet your financial goals in retirement.
If you are an eligible employee, you may begin participating in the plan to make employee pre-tax contributions or after-tax Roth contributions as soon as practicable after your date of hire. You may begin this participation by completing an online salary deferral to make pre-tax or after-tax Roth contributions on TIAA's website. Your contributions to the Plan will begin as early as the first payroll period after the receipt and processing of your salary deferral agreement by TIAA and submitted to the University unless you specify a later date. Please allow at least 1 to 2 payroll cycles for the deductions to begin.
Notice to Drexel University Defined Contribution Retirement Plan participants with a plan balance at Fidelity or Vanguard: The transition to TIAA as the University’s single retirement plan recordkeeper is complete. You can now access and update your account with TIAA, including balances transferred from Fidelity and Vanguard.
403(b) Defined Contribution Retirement Plan
The 403(b) Defined Contribution Retirement Plan is offered to full-time and part-time employees, supports pre-tax and post-tax savings, loan options and employees are fully vested. Please visit the 403(b) Defined Contribution Retirement Plan page for more information
457(b) Deferred Compensation Plan
The 457(b) Deferred Compensation Plan is offered to employees whose salary exceeds $150,000 during a calendar year. The 457(b) Plan offers you flexibility to save more for your future. Contributions to this plan are in addition to any contributions you may already be making in the 403(b) Defined Contribution Retirement Plan. Unlike the 403(b) Plan, which is a qualified plan, the 457(b) Plan is a nonqualified deferred compensation arrangement. This means that the assets that are held pursuant to the 457(b) Plan will be subject to the claims of all unsecured creditors of the University if the University becomes bankrupt or insolvent. Please visit the 457(b) Retirement Savings page for more information.