Rice University sponsors the William Marsh Rice University Defined Contribution Retirement Plan (the “Retirement Plan,” a plan qualified under Section 401(a) of the Internal Revenue Code) for the benefits-eligible faculty and staff members 21 years of age and older.
Eligibility
Contributions are automatically made for each eligible employee following each paycheck to TIAA or Fidelity Investments, starting 6 months from the date of hire or the date of benefits eligibility, whichever comes later.
You are vested in the retirement plan after the completion of three years (3) of service.
Retirement Plan Record Keeper
Currently, Rice offers TIAA and Fidelity Investments as record-keepers for the Rice Retirement Plan. Should you not have a preference for a record keeper, your default record keeper will be Fidelity. If you prefer Fidelity to be your record keeper, you don't need to do anything. If you prefer TIAA as your record-keeper, you must use the net benefits website to make that designation. For both record-keepers, the default investment is the age-appropriate Vanguard Institutional Target Fund.
This user guide may help navigate the site.
Rice provides these services to assist plan participants in saving for retirement:
- Personal Retirement consultation in a one-on-one setting, either on-site at Rice locations or nearby in the community at no cost to you:
- TIAA: Click or make an appointment by calling 800-732-8353
- Fidelity Investments: Click or make an appointment by calling 800-343-0860
- Online Tools and Calculators are also available to help you think about your savings level
Contributions
The university contributes on a pre-tax basis to each individual account. The amount is determined according to the following schedule:
| Salary | Under Age 50 | Age 50+ |
|---|---|---|
|
Within the Social Security Wage Base |
7% |
10% |
|
Above Social Security Wage Base |
An additional 5% for compensation over the Social Security Wage Base (SSWB). The SSWB for 2024 is $168,600. The 2023 employee compensation limit for calculating contributions is $345,000 in 2024. |
An additional 5% for compensation over the Social Security Wage Base (SSWB). The SSWB for 2024 is $168,600. The 2024 employee compensation limit for calculating contributions is $345,000. |
For more information, please refer to the Retirement Plan Summary Plan Description or the full Retirement Plan Document and amendment effective November 1, 2020.
Please review the following notice: 401(a) Summary Annual Report
Please review the following notice: Notice to Interested Parties; Defined Contribution Retirement Plan
Additional Information
- Retirement Plan Investment Committee (RPIC)
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The fiduciaries for Rice’s retirement plans are the members of the Retirement Plan Investment Committee (RPIC), which was established by a resolution of the Board of Trustees in 2011. The Associate Vice President for Human Resources chairs the committee. It includes a member of the Rice faculty, the Director of Benefits, and two members of the Rice Management Company staff. A Senior Associate General Counsel serves in an ex-officio capacity. The committee’s duty is to plan participants and beneficiaries.
The RPIC chose CAPTRUST to advise on the selection and monitoring of the performance and fees of investment options available to participants in the retirement plans.
The committee meets regularly and occasionally revises the investment offerings in accordance with the Investment Policy Statement that they developed. Investment offerings can change depending on several factors, including investment performance, fees, and new regulatory requirements. For a copy of the Investment Policy Statement, please get in touch with the benefits department at benefits@rice.edu or by calling 713-348-2363.
As with all necessary financial matters, you must understand your retirement plan. Part of that includes investment fees. You will receive an annual notice from Rice with information about the investment fees charged as part of the retirement plan. Please visit the Department of Labor website for additional information on Understanding Your Retirement Plan Fees.
- Change Your Record Keeper
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If you do not make a selection for your retirement plan record keeper, your default record keeper is Fidelity. If you are a re-hire, previously had TIAA and you want to have new contributions go to TIAA, you must make that election on the NetBenefits website. If you want to change your plan record keeper, complete the online request through the Net Benefits website. This user guide may be helpful.
The default investments for each administrator are the age-based Vanguard Institutional Target Retirement funds. If you want to change your investment election, you will do that directly with the plan record keeper via the website links below.
Information and forms for your TIAA account can be found on TIAA's Rice Microsite.
For information and forms for your Fidelity account or to set up your account with Fidelity Investments, visit (http://www.netbenefits.com/rice).
Note that the Rice Retirement Plan funds are held in separate accounts from 403(b) plan funds.
Your investment choices include mutual funds from many different asset classes as well as an investment window. You can read about this in the Investment Window tab below.
- Change Your Beneficiary
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To change your beneficiary with TIAA, please visit the TIAA member website. To change your beneficiary with Fidelity, visit the Fidelity website. You can change beneficiaries for all Rice retirement and deferred compensation plans via the respective websites.
- Complimentary Retirement Planning Services
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Both TIAA and Fidelity offer free investment advice and retirement counseling.
Fidelity Investments:For an on-site one-on-one appointment with a Fidelity representative, you may call 800-642-7131. Fidelity also has local offices that can also assist you. To schedule an appointment with a member of the Texas Medical Center office of Fidelity Investments, call 800-418-6821 or 800-367-7516. You can also manage your account online at https://www.netbenefits.com/rice (click on "New User Registration" to create your account).
TIAA:
To make a one-on-one appointment with a TIAA representative to review your investments and/or plan for retirement, please go to:
http://www.tiaa-cref.org/moc. Log in to your TIAA account (or register as a first-time user and then log in) and view available dates, times, and locations for an appointment with a TIAA counselor. You can also contact the TIAA Houston office directly by phone at (832) 681-7400 (local) or (866) 842-2951 (toll-free). You can manage your account online at https://www.tiaa.org/public/ (click "Sign up for access" near the log-in link to create your account—you will need your contract number to enroll).
- Investment Window
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If you are not satisfied with the current line-up of funds, or if you are seeking a particular mutual or sector fund, you can also use the Investment Window (or brokerage account). Both TIAA and Fidelity have this option, which will allow you to invest in any mutual fund that is available on that administrator's platform. Keep in mind that Rice will only report on fees and expenses for the Vanguard Institutional Target Funds and the funds identified under each administrator. In a defined contribution plan, it is ultimately your responsibility to monitor and choose funds that meet your particular needs and goals. We are providing you with a reasonable list from which to choose, and you also have the ultimate flexibility to choose any available mutual fund on each administrator's platform. The list is available on the TIAA or Fidelity website.
401(a) FAQs
- If I worked previously at Rice, when does my 401(a)-contribution start?
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Contributions to the 401(a) will start immediately if you worked at Rice before 11/1/2020 in a benefits-eligible position and reached vesting status.
- Is my net ID what I use for NetBenefits?
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No. If it’s your first time accessing net benefits, you will need to register your account.
- When I leave Rice, how does my marital status affect rolling over my retirement account?
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If married, the documentation proved by your specific retirement administrator will require your spouse's signature and it MUST either be notarized or be witnessed by a Benefits team member.