OLLU employees are encouraged to manage their Transamerica retirement account online. The online system allows users to update account information, set up retirement income goals, and check investment performance among other features. See attached flyer for more information on how to access account online.
The OLLU 403(b) plan is a mandatory plan where full-time employees must contribute a minimum of 3 percent of their wages to the plan, upon hire, up to the IRS annual limit. The University will contribute 7 percent of the employee’s base pay. Investments through the 403(b) plan are made available through Transamerica Retirement Solutions, which maintains a list of funds with various degrees of risk. Failure to make an election will result in employee’s contributions going toward the default plan (Target Date Funds).
The University uses a graded vesting schedule which gives employee’s hired on or after Oct. 1, 2014 gradually increasing ownership of matching contributions as their length of service increases. The result is 100 percent ownership of the funds after completing the fifth year of service. Employees hired before Oct. 1, 2014 are 100 percent vested. The vesting schedule is as follows:
- First year – 20 percent
- Second year – 40 percent
- Third year – 60 percent
- Fourth year – 80 percent
- Fifth year – 100 percent
Note: The day after each year is completed is the day the vesting takes effect. Dollars contributed are not taxed until they are withdrawn upon retirement or through other distribution options.
Questions about the plan should be directed to the Human Resources Office.