Marquette senior leaders are grateful for the dedication and commitment our faculty and staff have shown our students during a particularly challenging year. We are pleased to announce that the full 8% employer match will be restored for eligible plan participants on May 1, 2021, two months prior to the end of the fiscal year. The reinstatement will be automatic for all match eligible faculty and staff. There is nothing you need to do.
This announcement supports our commitment to reverse the necessary changes implemented over the past year to mitigate budget challenges. We recognize and appreciate the sacrifices that Marquette faculty and staff have made due to the COVID-19 pandemic, including the suspension of the employer-provided 403(b) retirement plan match.
Match eligible employees are those who are currently enrolled in and contributing 5% to the TIAA 403(b) retirement plan. Match eligibility requirements are available online. If you do now know whether you qualify as an eligible 403(b) participant, or you would like to enroll in the 403(b) retirement plan now, please contact TIAA through the Marquette portal.
Additionally, you can register online for a virtual consultation with TIAA or call (800) 732-8353, Monday through Friday, 7 a.m. to 7 p.m. A complete schedule of available consultation sessions is available online. Visit the Human Resources website for the most up-to-date information.
While we are reinstating the 403(b) retirement plan matches in their entirety, Marquette also continues to navigate lower enrollments, a flat tuition, and other pandemic impacts, so we have made the difficult decision to continue suspension of merit increases this year.
Being able to recognize excellence with merit increases is a priority. Our goal is to restore these merit-based increases as soon as possible.