Retirement Plan Details

Retirement Plan Details

Principal Account Management

Principal Account Management

Faculty and Staff can manage their Pre-Tax and Post-Tax (Roth) deferral percentage(s), modify their investments, change their allocations and manage their beneficiaries on the Principal website at www.principal.com or by calling 800-547-7754.

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

Retirement Plan Participation

Retirement Plan Participation

Any employee of the University who completes at least one hour of service is eligible to participate in the Plan for purposes of making salary deferrals except the following individuals:

  • Employee who is a student performing services that meet specific requirements of the Internal Revenue Code.
  • Employee considered an independent contractor or an employee of an independent contractor.

Minimum University Contriubution, Employer Match and Vesting

Minimum University Contriubution, Employer Match and Vesting

Faculty and Staff are immediately eligible to receive the Minimum University Contribution (2%) regardless of their own salary deferrals to the plan upon their date of hire.

Meaning, plan participants who elect NOT to make a salary deferral from their own pay to their retirement account will receive the Minimum University Contribution, also known as a Qualified Non-Elective Contribution (QNEC).

The QNEC is 2% of the participantís base compensation.

The Employer Match begins upon the date of hire. To take full advantage of the Employer Match, Faculty and Staff will need to defer a portion of their base compensation to receive the matching contribution from Creighton. 

See Matching Table for more details.

Vesting is the term for gaining full ownership of the benefit provided by Creighton University.

Minimum University Contribution: The plan participant is 100% vested in the QNEC when it is deposited into their retirement account.

Employer Match: The pan participant becomes 100% vested after two years of service and 1000 hours worked in each of those two consecutive years.

Service will be credited for each hour for which you are paid for performing duties for the University. Hours will also be credited for approved absences when you are not performing duties for the University such as vacation, holiday, jury duty, etc.

Failure to satisfy the vesting requirements will result in the forfeiture of any Employer Match upon separation of service from Creighton University.

For purposes of Minimum University Contributions and the Employer Match made by Creighton University to an employee's account; the following employees are excluded:

  • Members of the Jesuit Community at Creighton University
  • Housestaff/Residents in the Medical School at Creighton University

Matching Table

Matching Table

Creighton University matches your Base Compensation based on the amount of your Pre-Tax and/or Post-Tax (Roth) deferral up to certain limits.

403 (b) Employee Elective Deferral

Employer Minimum Contribution

Employer Matching Contribution

Total Employer Contribution

5.00%

2.00%

5.00%

7.00%

4.00%

2.00%

3.60%

5.60%

3.00%

2.00%

2.20%

4.20%

2.00%

2.00%

.80%

2.80%

1.00%

2.00%

0.00%

2.00%

0.00%

2.00%

0.00%

2.00%

Base Compensation

Base Compensation

Base Compensation is your base pay from the University excluding summer session income, stipends, commissions, bonuses and special payments.

IRS Maximum Contribution Limits

IRS Maximum Contribution Limits

403(b) Pre-Tax and/or Post-Tax (Roth) Contributions

$18,500

Catch-up Contributions for age 50 or older

$6,000

TIAA Login Instructions

TIAA Login Instructions

(Restricted to employees hired or rehired prior to November 1, 2008)

Employees who want to invest with TIAA-CREF need to access the Creighton micro-site at http://www.tiaa-cref.org/creighton and click on the ?Enroll Now? box. There are two plans identified on the micro-site as follows:

  • Creighton University DC Retirement Plan (Plan 101042)
  • Creighton University TDA Plan (Plan 101043) 

The DC is for employees that are eligible to receive the match (stores employee?s 0-5% deferral plus the University match). Please complete the application on-line.

The TDA plan (also known as a supplemental contribution or elective deferrals above an employee?s 5% deferral under the DC plan) is for employees not eligible for the match. Please complete the application on-line. 

In addition, you must print the Salary Reduction Agreement (SRA), complete all sections that apply to you as the participant and send to Human Resources, Attn: Angie Mills, for processing.