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Retirement Plans

Ave Maria in conjunction with your employer offer eligible employees the opportunity to participate in either a 401(k) or 403(b) retirement plan to provide employees the potential for financial security in retirement.

To be eligible to participate in one of these plans, you must be classified as a regular full-time or part-time employee and be 21 years of age or older.  Employees on the first day of employment may choose to begin Elective Deferral Contributions and are eligible to receive Employer Matching Contributions (if applicable); check with your HR representative to confirm whether your employer is currently matching employee contributions).  If the employer does match, the match would occur the first pay period following that event or as soon as is administratively feasible.  In addition, there is a provision for catch up contributions for individuals who turn 50 years of age by the end of a Plan year. 

Once an employee decides to participate, the enrollment is conducted on-line and it is the employee's responsibility to ensure this activity occurs.  Contributions cannot be submitted until the enrollment process is complete.  An employee must also submit to Human Resources an executed Salary Reduction Agreement to initiate the salary reduction process.  At that time, it is also required Human Resources receive a copy of the beneficiary designation; Human Resources must have this information in the HR file.

With submission of a revised Salary Reduction Agreement form to your designated Human Resources representative, a participant may increase or decrease the Elective Salary Deferral once per month as provided in the Plan, or cease contributions.  The effective date of this election will become effective with the following pay period or as soon as is administratively feasible.  You may terminate your election at any time.  All of your contributions to the Plan are fully vested at all times.

As provided in the Plan, you may not take a distribution from your account until you separate from service, attain age 59½, attain normal retirement age, are disabled, die; or, in the case of hardship, you must meet the criteria of both and have an immediate financial need.

The Plan does make provisions for employee loans; however, the employee must contact the appropriate vendor; i.e. CBIZ/Nationwide or TIAA-CREF. 

Because employee contributions to the 401(k) and 403(b) plans are automatically deducted from your pay before federal and state tax withholdings are calculated, you save tax dollars now by having your current taxable amount reduced. While the amounts deducted generally will be taxed when they are finally distributed; favorable tax rules typically apply to 401(k) and 403(b) distributions.

Complete details of the 401(k) and 403(b) savings plans are described in the Plan Documents specific to each Plan and can be accessed through the links below.  In the event you have questions regarding your eligibility, the enrollment process, etc., please contact your designated Human Resources representative for more information.  Please note that Human Resources representatives cannot advise employees on investment options as they are not licensed to do so.  Questions regarding developing a portfolio, fund activities, and viability must be addressed to the appropriate retirement plan vendor.  

Plan Representative for the Ave Maria 401(k) or Ave Maria 403(b) Plans: 

If you have any questions related to the 401(k) Plan, review of your current portfolio or wish to learn more about the Target Date funds available, please contact Mr. Chris Burke as noted below:

Chris Burke, JD, CFP®, AIF®

Vice President, Retirement Plan Advisory Services

One Woodward Avenue, Suite 1500, Detroit, MI 48226
Tel/Direct  313.394.1717                                                   
Fax/Direct 313.394.1737
Main 313.394.1700   Fax 313.394.1740

Ave Maria 401(k) Plan (CBIZ/Nationwide/LoVasco Consulting Group)

Nationwide Platform Conversion eff. 11/9/18

* Employee Bulletin

* Fee Disclosure - Case #637-80031

Glossary of Investment-Related Terms 2019

* NW Platform Change - E-Communication sent to employees 10-9-2018
* NW Platform Change - E-Communication sent by K. Phelps to AMU employees 10-4-2018
Ave Maria 403(b) Plan (CBIZ/Nationwide/LoVasco Consulting Group)
Ave Maria 403(b) Plan TIAA-CREF

On-line enrollment instructions for TIAA-CREF - Important instructions:  refer to page 2 of this document to initiate enrollment.  You will need the following 6-digit Plan CodeRA: 332105; GSRA: 332106

 Additional Plan Representative for the Ave Maria 403(b) Plan

TIAA-CREF Customer Service 

Phone: 1/800/842-2888 

The IRS has announced the maximum contribution limits for 2019 (IRS Contribution Limits):

  • Beginning in January, you can contribute as much as $19,000/year to your retirement plan account.
  • If you are 50 or older, you could contribute as much as $25,000 with the age 50+ catch-up contribution of $6,000.