The Vanderbilt University Retirement Plan is a mandatory long-term investment program for eligible faculty and staff to prepare for retirement. The plan is administered by Fidelity Investments. Participation is mandatory as a condition of employment for eligible employees.
Moreover, how much does Vanderbilt contribute to 403b?
Vanderbilt matches your mandatory 3 percent contribution. If you choose to make voluntary contributions, Vanderbilt will match these up to a total match of 5 percent (this includes the mandatory).
Additionally, do mandatory contributions count towards 403b limit?
The short and simple answer is no. Employer matching contributions do not count toward your maximum contribution limit as set by the Internal Revenue Service (IRS).
What are the disadvantages of a 403 B?
One disadvantage of 403(b) plans is that investment options tend to be more limited compared to other retirement savings plans. As mentioned above, 403(b) plans generally only invest in annuities and mutual funds. For those looking for a wider range of investment options 401(k) plans or IRAs are a better option.
Can you lose money in a 403 B?
But if you‘re age 50 or older and need to catch up, you can put up to $26,000 into your account. If you make a withdrawal from your 403(b) before you‘re 59 1/2, you‘ll have to pay a 10% early withdrawal penalty. Plus, you‘d be losing the growth potential of those dollars and stealing from your future self.
What happens to my 403b when I quit?
Your vested balance is the amount of your 403(b) that you get to keep if you quit. Your unvested balance will go back to your employer when you quit whether you leave your 403(b) there, transfer it to your new employer, or withdraw it.