Sewanee Benefits

Retirement & Retiree Healthcare Savings

This page brings together two related but distinct benefits: your retirement savings plan through TIAA and your retiree healthcare savings benefit through Emeriti. One helps you build income for the future; the other helps you prepare for healthcare costs in retirement.

At a glance

Retirement Plan | TIAA

This is Sewanee’s 403(b) retirement savings plan. It helps employees build retirement income through University contributions and voluntary employee contributions.

Retirement Healthcare Savings | Emeriti

This benefit is specifically designed to help employees prepare for healthcare costs in retirement. It includes tax-advantaged health accounts, reimbursement features, and — if eligible — access to post-65 retiree health insurance options.

Retirement Plan | TIAA

The University of the South 403(b) Retirement Plan is administered by TIAA and allows eligible employees to save for retirement on a tax-advantaged basis.

Eligibility
Voluntary elective deferrals may begin at hire for eligible employees. University nonelective contributions begin after one year of service.
University Contributions
Sewanee contributes an amount equal to 7.5% of base salary after one year of employment.
Employee Contributions
Employees may make pre-tax deferrals, Roth deferrals, and eligible rollover contributions. Age-50 catch-up contributions are also available under IRS rules.
Vesting
Vesting is immediate upon enrollment for both employer and employee contributions.
TIAA eligibility and enrollment
When can I start making my own retirement contributions?
Eligible employees may begin elective deferrals in the first available payroll after their date of hire.
When do University contributions begin?
Eligible employees receive nonelective contributions after one year of service, with entry on the first day of the following month.
Do any prior higher-education roles count toward the waiting period?
Yes. The one-year service requirement is waived if the employee worked full-time at a four-year college or university for the 12-month period immediately before employment at Sewanee.
TIAA contributions, vesting, and account questions
What types of contributions can go into the plan?
Employee elective deferrals, Roth deferrals, employer nonelective contributions, and rollover contributions.
Can I make Roth contributions?
Yes.
Can I make catch-up contributions if I am 50 or older?
Yes.
Am I vested right away?
Yes.
Can I borrow from the plan?
Yes.

Retirement Healthcare Savings | Emeriti

Emeriti is Sewanee’s retiree healthcare savings benefit. It helps eligible employees build tax-advantaged accounts that can be used for qualified medical expenses in retirement and, if eligible, for retiree health insurance premiums.

Employer Contributions
Employer contributions begin once an eligible employee reaches age 40 and completes 5 years of continuous service. Sewanee provides an annual employer contribution amount of $600.
Employee After-Tax Contributions
Eligible employees may also make voluntary employee after-tax contributions to Emeriti.
Reimbursement Benefit
Employer contributions are vested for employees with at least 7 years of continuous, qualifying service. Funds can be used for qualified medical expense reimbursement after separation from employment.
Retiree Health Insurance Access
Post-65 Emeriti health insurance access is tied to Retirement Eligibility and Medicare Parts A and B, with important enrollment timing rules.
Emeriti eligibility and contributions
When does Sewanee begin contributing to Emeriti?
Employer contributions begin after an eligible employee attains age 40 and completes 5 years of continuous, qualifying service.
How much does the University contribute to Emeriti?
$50 per month ($600 per year)
Can I make my own contributions to Emeriti?
Yes. All eligible employees may make voluntary employee after-tax contributions.
Emeriti reimbursement benefit and account use
What can Emeriti accounts be used for?
Emeriti accounts can be used on a tax-free basis for qualified medical expenses and, when eligible, for health insurance premiums in retirement.
When do I become eligible to use Emeriti for reimbursement of medical expenses?
The employer-contribution account may be used for qualified medical expense reimbursement after ceasing employment if the participant has at least 7 years of continuous, qualifying service.
What if I made my own after-tax Emeriti contributions?
Participants may always use his or her own employee after-tax contribution account, with earnings, for qualified medical expenses once employment has ceased.
Emeriti retiree health insurance eligibility and enrollment
What does “Retirement Eligibility” mean for Emeriti health insurance?
Attainment of age 55 and 10 or more years of continuous service.
Do I need Medicare to use Emeriti health insurance options?
Yes. Post-65 health insurance coverage is available when a participant attains Retirement Eligibility and enrolls in Medicare Parts A and B.
Is there a deadline to enroll?
Yes. Emeriti health insurance eligibility includes a 90-day enrollment window and that later enrollment is restricted to limited circumstances if the initial window is missed.
Does Sewanee offer pre-65 Emeriti group health coverage?
No.

Need help?

If you are not sure whether your question belongs with TIAA, Emeriti, or Human Resources, start with the Benefits team and we can help point you in the right direction.