Santa Clara University's retirement benefits help employees build long-term savings and a source of income during retirement. In addition to SCU's defined contributions, eligible employees are able to make voluntary contributions on a pre-tax and post-tax basis.
401(a)- SCU's Defined Contribution Plan
The University will contribute an amount equal to 15% of benefit-eligible employees' base compensation through October 15, 2022. The contribution rate will change to 10% effective October 16, 2022. Employees become eligible the first day of the month following or coinciding with their date of hire. Eligible employees are 100% vested after they have worked in a benefits-eligible position for a minimum of 1,000 hours in each of two consecutive calendar years.
403(b)- Employee's Voluntary Contribution Plan
Benefits Eligible Employees are able to make additional contributions to their retirement via the 403(b) as either a flat amount or a percentage of their salary. Contributions can be made on a pre-tax or post-tax basis. Employees are 100% vested as of the date of the first contribution.
- Catch Up Contribution (Age 50 and over): $6,500
The Retirement Enhancement Guide provides details about the new Retirement Plans Portal and the new services and features.