Retirement

We encourage all employees to set financial goals and to plan for retirement.  Dominican’s 403(b) plan provides a tax-deferred savings option to help with this important aspect of financial planning.  

403(b) Plan

Dominican University participates in the Teachers Insurance and Annuity Association Retirement Program (TIAA). Full-time faculty or staff, and part-time 30 staff may begin participation in the plan on a voluntary basis immediately upon employment and on attaining the age of 21. Eligible staff members may make contributions to TIAA from his/her gross earnings each pay period up to the annual limit as set by law.  
 
If an eligible faculty or staff member can provide documentation indicating that he/she has fully vested, fully funded benefits under the terms of an institutional retirement plan (a 403b plan) of a previous employer, the University will waive the one-year waiting period for any matching contribution.
 
Part-time 20 staff members may make contributions to TIAA from his/her gross earnings each pay period up to the annual limit as set by law but are not eligible for the university matching contribution.
 
Contribution limits are established by the IRS on an annual basis based on age.  

Financial Advisors from TIAA are available to meet with plan participants at least once per semester.

Fiduciary Committee

The Committee, which includes representatives from Human Resources, the Business Office, faculty and staff, is responsible for making all decisions regarding the university retirement plan, as well as the selection and monitoring of investment options available under the plan. The Committee has authority to select investment options to be offered to participants and monitor those investments on at least a semi-annual basis. The Committee must make decisions in the best interest of the institution and its participants. The Committee may, but is not required to, make decisions based off of recommendations of an outside, independent retirement consultant.