Retirement

One of the best ways to ensure a secure retirement is to start saving as early as possible. Our 403(b) savings plan allows you to save for retirement on a pretax basis. You can begin contributing to the plan at any time once you become eligible and start making contributions to your account through convenient payroll deductions.

UMass Global offers a 403(b) through TIAA. The 403(b) plan allows you to save for retirement and enjoy significant tax advantages. You can contact TIAA any time by logging in to tiaa.org/public/tcm/umassglobal for more information about the plan, your account balance, making contributions, changing investment elections, initiating a rollover or requesting a loan or withdrawal.

In-Network Benefit Highlights

Deductible (Individual/Family)
$XX/$XX

Out-of-Pocket Max (Individual/Family)
$XX/$XX

Preventive Care
$XX

Primary Care Visit
$XX

Specialist Visit
$XX

Urgent Care
$XX

Emergency Room
$XX

Who is Eligible for the 403(b)?

  • Employee Contributions (Elective Deferrals): Employees scheduled to work 20+ hours per week can start making voluntary contributions immediately.
  • Employer Matching & Non-Elective Contributions: Available after 90 days of service, with the waiting period waived if you have an existing 403(b) with a positive balance.
  • Some employee groups, such as adjunct faculty and temporary employees, may have additional requirements.

Key Features of Your Plan

  • Employer contributions begin on the first of the month after 90 days of service
  • Waiting period waived if you have an existing 403(b) with a positive balance
  • Vesting schedule:
    • 25% after one year of service
    • 25% per year thereafter until fully vested
  • Employee contributions are voluntary and deducted pretax or post-tax (Roth) from your bi-weekly paycheck
  • Contributions can be adjusted at any time through TIAA

How Do I Enroll in the 403(b)?

You can enroll in the retirement savings plan by visiting your plan provider’s website and registering with your personal information. Once registered, you’ll be able to select your contribution percentage.

Click here to learn more about UMass Global’s 403(b) Retirement Plan, Tuition Remission and Student Debt Solution Benefits:

Increase Your Retirement Savings with a 403(b)

  • University of Massachusetts has two layers of contributions.
    • A 3% mandatory employer contribution
    • A 1% to 6% employee matching contribution
  • Contribute using convenient payroll deductions up to the IRS limit of $23,500 per year.
  • Change the amount of your contributions or stop your payroll contributions at any time.
  • Decide how to invest your 403(b) or allow the plan to choose for you.
  • Employees age 50 or older save an additional $7,500.