The Hofstra University 403(b) Plan is a tax deferred annuity arrangement (IRS Code Section 403(b) annuity). The Plan allows for elective deferrals up to the maximum amounts permitted under the Code, and at a minimum annual contribution of $200, immediately upon hire. In addition, upon satisfying the eligibility requirements as outlined in the Summary Plan Description, the Plan allows for a one-time irrevocable election to make mandatory contributions while receiving University matching contributions. To find out more about these plans, please contact the Office of Human Resources, Benefits Department, at benefits@hofstra.edu.
- Notice of Pension Plan Credit to Participants
- TIAA/Hofstra
- An Important Reminder to Periodically Review Your Investments
- Participant fee disclosure notice for the HU 403(b) Pension Plan
- Hofstra University QDIA New Hire Notice
New – Roth 403(b) Contributions
Effective January 1, 2025, you will have the option to make Roth 403(b) contributions into your Supplemental Tax-Deferred Annuity Plan with TIAA. This will allow you to make contributions on an after-tax basis, providing flexibility in how you plan for your financial future. You can elect to make Roth 403(b) contributions during the Open Enrollment period or anytime thereafter.
Additional information regarding Roth 403(b):
Q&A: Understanding Roth 403(b) Contributions*
- What are Roth 403(b) contributions?
Roth 403(b) contributions are retirement savings plan contributions into your account under the Hofstra University Pension Plan. They are deducted from your paycheck on an after-tax basis. This means that you pay income and employment taxes on the money you contribute now, but your withdrawals in retirement (including earnings) will be tax-free**, if you meet certain qualifying conditions (e.g., you are at least age 59½ and five years have passed since the year of your first Roth contribution to the Hofstra University Pension Plan.) - Can I contribute both Roth 403(b) and pre-tax 403(b) contributions into my Supplemental Tax-Deferred Annuity plan with TIAA?
Yes, you can contribute both Roth 403(b) contributions and pre-tax 403(b) contributions into your Supplemental Tax-Deferred Annuity plan. - Can my Hofstra University Pension Plan contributions be made with Roth 403(b) contributions?
No. Roth 403(b) contributions are permitted only for elective deferrals. Mandatory and matching contributions will continue to be made on a pre-tax basis. - Is there a maximum amount of Roth 403(b) contributions that I can make in a calendar year?
Yes, the annual limit on elective deferrals (for 2024, $23,000 plus an additional $7,500 if you are age 50 or older) applies for pre-tax and Roth 403(b) contributions combined. The limit is indexed for inflation and has not yet been announced for 2025. It’ s up to you to decide whether to make pre-tax 403(b) contributions, Roth 403(b) contributions, or a combination or both. - Where can I learn more?
Additional information about Roth 403(b) contributions is available on the TIAA website and this TIAA Information Sheet. Contact the Office of Human Resources Benefits Team at benefits@hofstra.edu or 516-463-6526 with any additional questions.
* The above information provided is for general informational purposes only. Other special rules will apply and this should not be considered as legal, financial, or tax advice. You should consult with a qualified legal, tax, or financial professional for advice tailored to your individual circumstances.
**The tax treatment described here is for federal income tax purposes. Some states have different rules. You should consult with your tax advisor.
Read more about these benefits in the Summary Plan Description section.
For individual advisement with a TIAA representative on campus, please schedule your appointment online at: www.tiaa.org/schedulenow.