403b Retirement Plans

Niagara University offers two retirement programs administered by TIAA-CREF and AXA Equitable. Contributions may be made on a tax-deferred basis on an employee's base salary only.

The 2013 maximum contribution level is as follows:

  • $17,500 per year for those under age 50.
  • Additional $5,500 per year if over age 50.
  • Additional $3,000 per year with 15 years of service at Niagara University and provided the employee has not exhausted this option in the past.

403(b) Retirement Plan Provisions

Tax Deferred Annuity

You will be eligible to contribute a portion of your pay to the Plan as a pre-tax Deferral, unless you fall into one of the following categories of excluded employees.

  • You are a nonresident alien and you received no income from within the United States.
  • You are a student enrolled and attending classes offered by your Employer and your Employer is a school, college or university.

Unless you fall into one of the categories of excluded employees, you will be immediately eligible to participate in the Plan.   There are no special age or service requirements that you need to satisfy.

Employees may defer part of their salary into the 403(b) Tax Deferred Annuity through pretax payroll deduction instead of receiving it as cash compensation. When an employee makes such a contribution into the Plan, the taxation on the amount of the contribution is tax-deferred. The term, “tax-deferred” means that amounts deducted from a participant’s paycheck are not subject to state or federal income taxes at the time of the payroll deduction.

In order to participate, you will need to complete an enrollment form with AXA or TIAA-CREF along with a salary reduction agreement.  

Defined Contribution Plan

You will be eligible to contribute a portion of your pay to the Plan as a pre-tax deferral if you fall into one of the following categories:

  • Upon completion of one year of services (at least 1,000 hours of work during the calendar year).
  • Attainment of age 21, and
  • You contribute at least 2.5% if you are a full-time faculty member (Niagara University’s contribution will be 7.5%) on a pre-tax basis, or
  • 3% (non-faculty) of your salary (Niagara University’s contribution will be 8%) on a pre-tax basis to the plan.

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