Retirement Plan

Pacific University recognizes the importance of providing you with ways to plan for your financial future. Your retirement plan is an important part of your overall benefits.

Employee Contributions:

Contributions - All employees can contribute to this plan up to the annual IRS limit. The limit for 2023 is $22,500. Those aged 50 or above, can contribute an additional $7,500. Employees can change contribution amounts at any time. Changes are made in TIAA. For easy instructions, please click here.

Eligibility - Contributions toward your retirement can begin upon hire. All of our employees are welcome to participate, including our adjunct faculty and temporary employees. 

Employer Contributions:

Contributions - Pacific University contributes 9% of monthly base salary with no employee match required. The college’s contributions are immediately vested, meaning that they belong to the individual regardless of whether or not he/she continues to work at Pacific University.

Eligibility -  21 years or older and a regular (not adjunct) faculty or staff member, who works at least 1000 hours or more per year will be enrolled in this benefit. Employer contributions begin the 1st of the month after an employee in a benefits eligible position has completed 1 year of service. 

  • This waiting period can be waived if a new employee was (1) employed for at least 1000 hours at an institution of higher education for a minimum of one year (2) within six months before the first day with Pacific University and (3) the former employer made contributions to his/her retirement account. New employees must provide proof of participation in their former employer’s retirement plan within the first 30 days of employment at Pacific University.

Record Keeper:

Retirement funds are held by TIAA (Teachers Insurance and Annuity Association and College Retirement Equities Fund) and employees choose from among a variety of investment options. 

TIAA Account Advisor for Pacific University

Andrew Martinez

AMartinez@tiaa.org

Helpful Links:

Summary Plan Description

Plan Document

Sample Eligibility Letter (to waive the one year of service)

TIAA Enrollment Instructions

Change Contributions

Roth Contributions