403(b) Retirement Plan Required Notice

Fairfield University Retirement Plan Notice of Universal Availability

Date:  3/11/2019

Employer and Plan Sponsor:   Fairfield University

Plan Administrator:        

1073 North Benson Road, Fairfield, CT 06824

(203) 254-4000 x.2995

The Fairfield University Retirement Plan (“Plan”) is a defined contribution plan designed to meet the requirements of IRS Code § 403(b).  The Plan was established to provide retirement benefits and savings opportunities to eligible Employees and to provide benefits to their Beneficiaries in the event of their death. 

Elective Deferral Eligibility

Eligible Employees can defer a portion of their compensation (elective deferrals) to the Plan.  All employees are eligible to participate in the Plan except for:

1. Employees who are non-resident aliens that are not receiving U.S. sourced income;
2. Employees who are students performing certain services; and
3. Employees who normally work fewer than 20 hours a week unless they work 1,000 or more hours per year in any year.

Participation

Whether you want to enroll in the plan, or you are already enrolled but wish to change the amount of your deferral, you can obtain information on the plan by contacting the Office of Human Resources.  Review the plan information before enrolling.  Once you have enrolled you can change the amount of your contributions and your investment allocations at any time.

In 2019 the elective deferral limit is $19,000.  If you are age 50 or older, you can contribute an additional $6,000.  Please contact the Administrator for more information.

If you participate in more than one 403(b) plan, you are responsible for tracking and reporting the amount of all your contributions to all plans so that the total amount does not exceed the limit. To avoid adverse tax consequences, you must inform the Administrator of any amounts that are contributed on your behalf to another employer's retirement plan.  Employer and your elective deferrals cannot exceed $56,000.

More Information

A copy of the Summary Plan Description (SPD) and a list of investment options are available from the Office of Human Resources. Plan enrollment and contribution changes are completed online in Workday.