March 20, 2015 STAFF

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JCU’s Retirement Savings Universal Availability Notice

John Carroll University provides part-time and full-time employees with the opportunity to save for retirement through the Tax Deferred Annuity Plan (the “Plan”). The University would like you to know more about how you can participate in the Plan. Whether you want to enroll in the Plan, or you are already enrolled but wish to change the amount of your deferral, you can accomplish your goal by filling out a “Salary Reduction Agreement.” You can obtain a copy of the agreement and information on the Plan from the Office of Human Resources, Rodman Hall Room 125, or by calling 216.397.1726, or on the University’s retirement plan website at www.tiaa-cref.org/jcu.

Eligibility

All full and part time employees of John Carroll University who receive compensation reportable on an IRS Form W-2 are eligible to participate in the Plan. Student employees are not eligible to participate. Employees may sign up and make changes to their contribution amounts on a monthly basis.

Please take a moment to review the plan brochure or website before enrolling. Once you are enrolled, you can review and change the amount of your contributions (through the HR office) and your investment allocations (through TIAA-CREF) at any time. The exact date your investment allocations will take effect may vary depending upon the policies of the financial service firm providing the investment options you chose for plan contributions.

Also, please be aware that the law limits the amount you may defer under this and other plans in any tax year. For 2015, the limit under all plans of this type is generally $18,000 although larger limits may apply if you are age 50 or over, or you have at least 15 years of service with John Carroll University. Each participant only gets one limit for elective contributions to all 403(b) plans, so if you are also a participant in a 403(b) plan of another employer, your combined contributions to that plan and to the Tax Deferred Annuity Plan in 2014 are generally limited to $18,000. If you do participate in more than one 403(b) plan, you are responsible for tracking and reporting the amount of all of your contributions to the plans so that the total amount of all your contributions to all plans in which you participate do not exceed the limit. Note also that the sum of all of your contributions, and those of your employers, to all 403(b) plans that you participate in are generally limited to the lesser of $53,000 or 100% of your compensation in 2015.

For further details, or if you have questions about the Plan, please contact Ryan Armsworthy (rarmsworthy@jcu.edu or extension 1576) or Leslie Beck (lbeck@jcu.edu or extension 1726) in the Office of Human Resources. If you have any questions or need assistance regarding TIAA-CREF products and services, please contact a TIAA-CREF consultant at 800-842-2273 or visit www.tiaa-cref.org/jcu.