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.
Contributions - All employees can contribute to this plan up to the annual IRS limit. The limit for 2024 is $23,000. 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.
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 - 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.
The one-year eligibility waiting period for the employer-paid non-elective contribution may be waived if the following conditions are met:
(1) employed for a minimum of one year at an institution of education as defined under the Internal Revenue Code: “a regular faculty and curriculum and normally have a regularly enrolled body of pupils or students in attendance where the educational activities are regularly carried on.” Examples of educational organizations include but are not limited to: Higher-Educational Institutions, Public School Districts, and trade/technical schools.
(2) worked at least 1000 hours (per year) in a position that was not temporary, adjunct or student status
(3) during the entire twelve month period before the first day with Pacific University
New employees must provide proof of participation in their former employer’s retirement plan to Human Resources within the first 30 days following their official Hire Date at Pacific University. Employees are responsible for ensuring the required documentation is provided in a timely manner.
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
Sample Eligibility Letter (to waive the one year of service)