Retirement Plan

Benefits>Retirement Plan

403(b) Retirement Plan

403(b) RETIREMENT PLAN

The Seminary has 403(b) plans with both Vanguard and TIAA. Beginning with January 1, 2020 enrollments, the Seminary will only enroll new employees in Vanguard. The link to access the Vanguard website is included to the right. Those in the TIAA plan may remain in the plan and may use the link below to visit the TIAA site. An employee can enroll in this benefit immediately upon hire or anytime thereafter; however, the employer match does not start until after an employee has completed 1,000 hours of service, which we estimate as six months of employment. This means the match will automatically start on the first day of your seventh month of employment. The match is fully vested each month. 

MAKE SURE YOU FOLLOW THE INSTRUCTIONS BELOW TO SET UP YOUR CONTRIBUTION IN ADP AND THE TWO-STEP PROCESS TO SET UP YOUR ACCOUNT WITH VANGUARD.

Employee Type

Employee Contribution

Seminary Match

Non-ordained employee (Laity)

4.5% of gross salary

9% of gross salary

Ordained employee

6% of gross salary

12% of gross salary

This chart reflects the matching contribution Garrett will make for employees from July 1, 2021 through June 30, 2022.

 

Step-by-Step Guide to Set Up Vanguard 403(b)

Here are the steps you need to complete in order to set up your 403(b) account and contributions. This is a shorter version of what appears in the 403(b) Plan PowerPoint presentation included at right. 

  1. Log in to ADP at https://www.workforcenow.adp.com. Then follow the instructions in the handout at the right to enroll in 403b payroll deductions within the ADP Benefits Feature. You can also watch this video to see a demonstration of how to enroll, change, or cancel your 403b contribution in ADP: https://web.microsoftstream.com/video/7bd0b747-6761-468c-8aa2-60c05f06ced7
  2. Complete your Account Application with Vanguard at www.vanguard403bservices.com/application Be on the lookout for an email letting you know that your account has been established (usually arrives within 3 to 5 business days). For more detailed instructions on the application process, you can access the Vanguard Detailed Instructions for Participant Online Application PDF handout to the right.
  3. Once you receive the email letting about your account being established, you then need to log on to www.vanguard.com if you already have a Vanguard account. If you don’t have an account, register at www.vanguard.com/register This step is often forgotten but is the most crucial because it is the step that enables you to identify a beneficiary and to select the funds you want to invest in. If you don't complete this step then the Seminary will not see your account to be able to contribute your payroll deductions. For more detailed instructions on the enrollment process, you can access the Vanguard Detailed Enrollment instructions PDF handout to the right.

If your question is about investment options, please contact Vanguard 403(b) plan participant services at 800-569-4903 Monday through Friday from 8 a.m. to 8 p.m., Eastern time. If you have questions about the Authorization for 403b Salary Reduction/Deduction Form or about the process in general contact Human Resources at human.resources@garrett.edu or 847-866-3918.

 

Wespath

If you are UMC ordained clergy, you can enroll in Wespath. Please contact Human Resources at human.resources@garrett.edu for the information and paperwork to complete.