Employees who are eligible for the retirement plan will be eligible to receive contributions from the University on the first day of the month after two (2) continuous years of service at the University and after attaining age 21. If an employee has prior service at another eligible employer or has tenure at Furman University, these time frames may differ.
Contributions by the University are applied to individual annuities or accounts by TIAA. The University’s contributions to the Retirement Plan are made every pay period during the years of participation, except for times in which no salary is paid. The University makes a discretionary contribution to the Retirement Plan, which can be changed or discontinued, but is currently paid in accordance with the following schedule:
- 5.25% of salary after 2 years of employment
- 10.25% of salary after 7 years of employment
In addition to the percentage paid by the university, an employee who is full- or part-time will be defaulted into contributing 3% of his/her salary to the retirement plan at TIAA beginning the first of the month after 60 days of his/her employment. To change your retirement contribution, go to the MyFurman portal A-Z Index for the TIAA (403(b) Retirement Plan) website link. (See below for further instructions).
In 2023, the maximum contribution an employee can make to the retirement plan with their own funds is:
- $22,500 if you are below 50
- $30,000 if you are 50 and above
When planning for retirement, be sure to check out our retirement resources regarding TIAA.
