Retirement Savings Plan
Although Princeton University provides benefits to eligible faculty and staff with a very generous retirement plan, it is still important for you to save for your future as well. The University offers a Retirement Savings Plan, also known as a 403(b) or Tax - Deferred Annuity (TDA) Plan, which allows you to save for your retirement and, on a pretax basis. New hires are automatically enrolled at a 5% of pay level.
This means that you make voluntary pretax contributions to your retirement savings account before federal taxes are deducted. If you are a resident of New Jersey or Pennsylvania, these contributions are not exempt from state tax when they are deducted.
You will pay tax on the money you contributed when you receive a distribution from your retirement savings plan account.
Your contributions are subject to limits set by the Internal Revenue Code.
You can count on support from knowledgeable and responsive HR staff when you have a benefits question or problem. Just call or e-mail us. We’re here to help!
While the University intends to continue each of the benefit plans, the University reserves the right to terminate or amend any plan, at any time, and for any reason.