403(b) Retirement Plan
Old à£à£Ö±²¥Ðã University offers employees the opportunity to save for retirement through the 403(b) Tax-Deferred Savings Plan. A 403(b) is a defined contribution plan, meaning the value of your account is based on the contributions you make and the investment performance of the funds you select. Your balance will fluctuate over time according to the gains and losses of the financial markets, as well as the contributions you and ODU make (if applicable).
Through convenient payroll deductions, you may choose to contribute on either a pre-tax basis (which lowers your taxable income today) or a Roth (after-tax) basis (which allows for potentially tax-free withdrawals in retirement).
Our plan recordkeepers are:
- TIAA
- Fidelity Investments
Both providers offer a broad range of investment options, financial education resources, and personalized guidance to support you in building long-term retirement security.
Cash Match Plan (for full-time and part-time salaried employees)
In addition to the 403(b) Tax-Deferred Savings Plan, Old à£à£Ö±²¥Ðã University offers a Cash Match Plan to help employees maximize their retirement savings. This program provides an employer match equal to 50% of the employee’s contribution, up to a maximum of $20 per pay period. To participate, employees must contribute at least $10 per pay period to their 403(b) account.
How the Cash Match Works:
- If you contribute $20 per pay period, ODU contributes $10 per pay period.
- If you contribute $40 per pay period or more, ODU contributes the maximum match of $20 per pay period.
- The match will not exceed $20 per pay period, regardless of how much you contribute beyond $40.
- Employees contributing to multiple supplemental retirement plans are eligible for only one cash match.
- Employees enrolled in the VRS Hybrid Retirement Plan are not eligible for the 403(b) Cash Match unless they are also contributing the additional 4% voluntary contribution to the Hybrid Plan.
This benefit provides an excellent way to grow your retirement savings with additional support from ODU.
NetBenefits
Regardless of your chosen retirement provider (Fidelity or TIAA), you can learn about the ODU Retirement Plans and access your ODU Retirement Plan accounts through the NetBenefits® website.
- Log on to your ODU 403(b) and 401(a) Cash Match Retirement Plan accounts
- Enroll in the plans
- Update your contribution amount
- Select or change your retirement provider
- Explore NetBenefits user guide&²Ô²ú²õ±è;â–º
CAPTRUST
As a reminder, you can call CAPTRUST for help with investments and your overall financial wellness. CAPTRUST serves as the investment advisor to your Plans and works with your retirement plan committee ongoing to monitor the investments within your Plans. If you would like to receive one-on-one investment advice, please visit or call 800-967-9948 to schedule an appointment. This is a benefit provided to you by ODU at no additional charge.
Opportunities to Learn More
To schedule an individual financial counseling session:
- Fidelity: Visit or call 800-642-7131, weekdays, 8 a.m. to 9 p.m. (ET).
- TIAA: Visit or call 800-732-8353, weekdays, 8 a.m. to 8 pm. (ET).
Contacts
HR Benefits
If you have questions about the plans, please contact TMC Benefits team at benefits@odu.edu or by calling 757-683-3042.
Fidelity Investments
- Email Joel Wise at joel.wise@fmr.com or
- Email Nathan Dixon at Nathan.dixon@fmr.com
TIAA Financial Solutions
- Email Carolina Paramo Aguilera, Financial Consultant at carolina.paramoaguilera@tiaa.org
Old à£à£Ö±²¥Ðã University remains committed to providing employees with comprehensive retirement planning resources. We are pleased to announce more enhancements to our Old à£à£Ö±²¥Ðã University 403(b) and 401(a) Cash Match Retirement Plans. Effective February 1, 2022, Fidelity Investments® will support our enrollment, vendor, investment, and salary reduction (deferrals) election process, regardless of whether you have an account with TIAA or Fidelity.
This change means, you will no longer be required to complete paperwork or forms to make updates to your deferral or vendor election (Fidelity or TIAA) for the 403(b) and 401(a) Cash Match Plans. If you already have a salary reduction agreement in place, your current deferral elections will continue without interruption, and you will not need to take any action.
We believe the following enhancements will make managing your retirement account even easier.
One-stop convenience
Starting in February 2022, an updated NetBenefits® website will be available for all your retirement account needs. Whether you have an account with Fidelity or TIAA, a NetBenefits account will provide you with the ability to:
- View your account balance with Fidelity and/or TIAA
- View or change the amount you are putting in the 403(b) Plan
- Change retirement vendors, Fidelity and/or TIAA
- Access links to specific retirement provider account information
- Enroll in the 403(b) and 401(a) plans and select your retirement provider(s), Fidelity and/or TIAA as a new participant
Employees with accounts at Fidelity will continue to use their current NetBenefits username and password to log on and manage their account.
Employees with TIAA accounts will need to create a username and password to be able to access NetBenefits.
Once logged on, all employees can view account balances and access links to manage investment allocations or to initiate transactions for your retirement plan account.
Important Note:
While we transition to the new process, there will be a brief period during which you will be unable to change your deferral amount or your vendor election. The last day you make these transactions through your Benefits Office, using a paper form, will be January 10, 2022. You can make these changes online through your new NetBenefits login beginning February 1, 2022.
All employees will be able to log on to their Fidelity NetBenefits account at beginning February 1, 2022 to make the above changes. If you have any questions about the changes, please contact Fidelity at 800-343-0860 or your benefits office.