Retirement
Saving for the future is important, which is why employees have the option to enroll into the organization's 403(b) Retirement Plan. The earlier you begin and the more you contribute, the greater your account will grow over time and ensure you have money set aside at retirement.
Contribution Limits
Employee Contributions
All non-student employees can begin contributing pre-tax dollars to the 403(b) retirement plan on the first of the month after hire. Contributions can be made as a percentage of your paycheck or as a flat dollar amount and changed at any time. Changes must be made before the beginning of a pay period to become effective in the next paycheck.
RISD offers both a traditional and a Roth 403(b) savings plan. You can contribute to both plans at the same time; your combined contribution may not exceed the IRS limit for the plan year.
Under the Roth option, your contributions are made after-tax, but withdrawals are typically tax-free in retirement if you are at least 59 ½ years old and your account has been open for at least five years. Under the traditional option, contributions are pre-tax, but withdrawals are taxable in retirement.
Your financial advisor or a TIAA Financial Consultant can advise on how to align your contributions with your retirement strategies.
RISD also offers two opportunities for employees over the age of 50 to make catch-up contributions. Eligibility for catch-up contributions is based on your age as of December 31st of the plan year. For example, an employee who is aged 59 on January 1st but will turn 60 by December 31st is eligible for the age 60-63 catch-up for the entire plan year.
For more information on your 403(b) plan and investment options, please visit www.tiaa.org. Instructions on how to change your 403(b) contribution in Workday can be found here.
10% of Earnings
Employer Contributions
After two (2) years of service with 1,000 hours worked in each year, full-time faculty and librarians become eligible to receive RISD’s retirement plan contribution, equal to 10% of your earnings. In addition, RISD contributes 15% of gross earnings above the social security (FICA) maximum but not to exceed IRS compensation limits. Once eligible, you are immediately vested in any RISD contributions.
Years of full-time, continuous service at another institution of higher education may be counted towards the two (2) year waiting period to receive RISD contributions. You must provide a signed letter from your previous institution which includes your full-time, continuous service dates. Your previous service will be credited beginning the first of the month following the receipt of your verification letter.
Verification letters can be sent to benefits@risd.edu.
2026 IRS Contribution Limit
$24,500
Pre-tax and Roth contributions are subject to a combined annual IRS contribution limit
Catch-Up Contribution
$8,000
If you are age 50 or older and are eligible to add money to your 403(b) retirement plan, you can add money above the regular limits, referred to as a “catch-up” contribution.
Super Catch-Up Contribution
$11,250
The Setting Every Community Up for Retirement Enhancement Act of 2022 (Secure 2.0 Act) allows you to contribute an even higher amount to your 403(b)-retirement plan. If you turn 60, 61, 62 or 63 at any point during the 2025 tax year and beyond, you can contribute an additional amount above the regular IRS limit. Each year the limits may be adjusted for cost of living by the IRS.
Contact the provider of these benefits by calling this phone number or visiting this website: 1 (800) 842-2776; www.tiaa.org
This Digital Benefits Guide is intended to highlight available benefits and should not be relied upon to fully determine coverage. The benefits plan may not cover all health care expenses. More complete descriptions of benefits and the terms under which they are provided are contained in the Certificate of Coverage that you will receive upon request. If this Digital Benefits Guide conflicts in any way with the policy issued by the employer, the policy shall prevail.