We now offer two options for retirement plans, the traditional 403b (pre-tax) plan and a ROTH elective deferral (after-tax plan.)
An employee can contribute to either plan as early as their first day of employment up to the maximums allowed by the IRS.
Once an employee has met the one-year employment requirement for SU to match your contribution, SU will contribute 3% of your gross salary over and above any SU match you select, into the 403b plan. The employer contribution is then increased 1% for each percent the employee contributes, up to a maximum match contribution of 5%. **matching benefits currently modified due to COVID 19. If you choose your contribution to go into the 403b plan, both the employee and employer portion will be deposited into the 403b plan.
If you choose the ROTH elective deferral plan, all employee contributions will be deposited into the ROTH and all matching contributions into the 403b.
Matching on the 403b and ROTH (or a combination of both) by SU will not exceed 5%. (The total SU contribution including the 3% default into the 403b will not exceed 8%.) **matching benefits currently modified due to COVID 19.
Enrollment changes are allowed at any time throughout the year. Additional money can be contributed to either plan, above the matching, up to the IRS maximum contribution for your age (The IRS 2022 numbers limits are $20,500 under age 50 or $27,000 over age 50.) Benefit is withheld on all 26 biweekly paychecks per year.