Retirement Plan
After two years of employment, employees with at least 1,000 hours of service each year, are eligible to participate in the Iona University 403(b) Defined Contribution Retirement Plan, with TIAA. A service year is defined as each 12-month period of employment with Iona University from the Participant's Employment Commencement Date.
To enroll, eligible employees must contribute a minimum of 5 percent (pre-tax) in order to receive the University's 5 percent matching contribution. Participants may defer up to the calendar year IRS maximums, currently $22,500 for employees under age 50 and $30,000 for employees age 50 or higher as of December 31, 2023.
For employees who have previously worked at an institution of higher learning, the waiting period may be waived. A Year of Service at a qualifying Predecessor Employer will be considered when determining eligibility for Matching Contributions, but will not count towards the allocation rate for Matching Contributions listed below.
| Years of Service | College Contribution |
|---|---|
| At least two (2) but less than seven (7) Years of Service | 5% |
| At least seven (7) but less than eleven (11) Years of Service | 7.5% |
| At least eleven (11) Years of Service at Iona University | 10% |
Supplementary Retirement Annuity Plan (SRA)
Employees not meeting the time requirement for the RA plan may enroll in the SRA account. The University does not contribute to this plan.
The above plans are 403 (b) tax-sheltered plans and are required to be filed with the Internal Revenue Service.
The Human Resources Department offers further information on RA and SRA accounts.
For questions, please contact the Office for Human Resources at (914) 633-2049.
If you wish to update your home address or beneficiaries, make allocation changes, transfer money between your Iona University TIAA accounts, or request Rollover or Loan paperwork, please visit the TIAA website or contact TIAA directly at (800) 842-2733.