Creighton University

Information For :

Retirement Education Opportunities

Principal Website Navigation Guide

February 11, 2009

May 20, 2009

September 1, 2009

Investment Policy Statement

Check your Principal account online at:  http://www.principal.com/

The Principal Assistance Line:  800-547-7754

Here is a valuable guide with helpful information to assist you with accessing the Principal Retirement Service Center® online or via telephone, whether it’s your first time or as a return visitor.

Check your TIAA-CREF account online at:  http://www.tiaa-cref.org/

TIAA-CREF Assistance Line:  800-914-8922

TIAA-CREF Salary Reduction Agreement

The Salary Reduction Agreement authorizes Creighton University to take monies from your payroll check, according to the percentage allocation you wish to contribute under the retirement plan.

For further questions, please contact:
403RetirementPlan@creighton.edu

Retirement benefits are an important part of your total Creighton University compensation package.  As a University employee, you are offered an attractive 403(b) savings plan.  With careful planning, you can make your retirement years more comfortable and secure. 

Creighton University's Retirement Program is comprised of the 403(b) Supplemental Retirement Plan and the 403 (b) Basic Retirement Plan.  The following is a summary of each component:

The 403(b) Supplemental Retirement Plan:  All employees are eligible to participate in the 403(b) plan immediately.  This plan allows tax-deferred employee contributions, but does not qualify for the employer match.  You are eligible to contribute up to the IRS limitation for each calendar year.

The 403(b) Basic Retirement Plan:  Employees are entitled to participate in this plan once they satisfy the two-year service requirement. 

However, new employees who participated in a 401(a) or 403(b), and had at least two years of service with another post-secondary academic institution or a teaching hospital affiliated with an academic institution, will be deemed to have met the eligibility rules.  Early participation requires proof of eligibility on letterhead, or  through e-mail notification, from your previous employer.  Under the early participation rules, The University may limit participation if the participation would cause the University to fail certain anti-discrimination requirements of the tax laws.

By participating in the 403(b), you defer paying income taxes on the contributions made by you, as well as on the investment earnings accumulated, until withdrawal. 

403b facts

If you are classified by the University as benefit-eligible, full-time or part-time, have a normal work schedule of at least 1,040 hours, and have an appointment of nine months or more duration, you may participate in the Creighton University Retirement Plan.

As an eligible employee, you can participate in the basic plan beginning on the first day of the month in which you have completed two years of service with the University, and have completed the application process.  Prior eligible service with the University will be applied toward the two-year waiting period. 

All eligible employees can participate in the supplemental plan beginning on the first day of the month in which you complete the application process.

Under the current schedule, the University matches your Base Compensation based on the amount of your pre-tax deferral up to certain limits: 

Employee Pre-Tax Deferral as % of Base Compensation	University Matching Contribution
5% 4% 3% 2% 1%	8% 6.4% 4.8% 3.2% 2.6%

If you elect to make no pre-tax deferrals, the University will contribute 2% of your Base Compensation on your behalf.  To initiate the start of the 2% contribution, you are required to complete the application process.

Base Salary equals your base pay from the University, excluding overtime, one-time payments, summer session income, stipends, commissions, bonuses; and special payments including teaching overload pay, seminars, summer research payments and similar items.

Vesting is the term for gaining full ownership in a benefit provided to you by a plan. You are immediately vested in all the benefits provided to you by the Retirement Plan.

Both your contributions, and the University's, may be invested in any of the following investment vehicles: mutual funds available through Principal Financial Group and the guaranteed and variable annuity Teachers Insurance and Annuity Association (TIAA), the College Retirement Equities Fund (CREF).

Direct links to the investment Companies:

• Principal  www.principal.com 
• TIAA-CREF www.TIAA-CREF.org

You are able to name persons or institutions/trusts as primary beneficiaries of your Retirement Plan accounts. For each person, you will be asked to provide first and last name, date of birth, Social Security number, relationship, and percent of benefit he or she is to receive. For trusts, you will be asked to provide the name, date established (trust date), trustee of the trust, and tax ID number.  You may also name contingent beneficiaries to receive your benefit, in case your primary beneficiaries predecease you.

If you are married, you cannot designate a non-spouse beneficiary unless your spouse waives the death benefit by signing the beneficiary form.

Plan maximums rise in 2009

The federal government has increased the amount you can save in the 403(b) Retirement Plan in 2009. The Retirement Plan of Creighton University allows you to electively defer up to these new limits. 

The New Limits

403(b) Contributions	$16,500
Catch-up Contributions for age 50 or older	$5,500
Total for employees who will be 50 or older in 2009	$22,000

How do I change my elective deferrals?

Principal Financial Group Investors

To change your elective deferral contribution percentage, access The Principal website at www.principal.com, or contact TeleTouch® at 1-800-547-7754.

TIAA-CREF Investors

To change your elective deferral contribution percentages, access The Creighton website at http://www2.creighton.edu/hr/benefitshome/403b/index.php  to print a new TIAA-CREF Salary Reduction Agreement.  When completed, send the document to Human Resources to the attention of Judy Gonzales for processing.

When can changes be made?

As an employee you can make changes at any time. 

When will changes become effective?

The changes will begin as administratively feasible following the date of change.