Grande Oaks 401(k) Plan
Planning for your future is easy with the Grande Oaks 401(k) Plan. Nova Southeastern University's Grande Oaks Golf Club employees can save for retirement by contributing a portion of their salary and receiving matching contributions from Grande Oaks. Whether you're a new hire or a rehired Grande Oaks employee, this plan ensures you have the support you need to secure your financial future.
Review the Grande Oaks 401(k) Plan Enroll or Update Your Benefits
Eligibility Criteria for New and Rehired Employees
Employees must meet specific eligibility requirements to start saving with the Grande Oaks 401(k) Plan. Learn more about when you can begin contributing and how rehired employees can quickly get back on track.
Eligible Grande Oaks employees 21+ years old can start contributing on the first day of the month coinciding with or next following their one-year anniversary, provided they have worked 1,000 hours.
If you have not worked 1,000 hours by your anniversary date, you will become eligible for the Grande Oaks match at the beginning of the following calendar year. You will also become eligible for the Grande Oaks match at the same time.
Matching and Vesting
Once eligible, Grande Oaks offers a safe harbor matching contribution equal to 100% of your salary deferrals that do not exceed 3% of your compensation, plus 50% of your deferrals between 3% and 5% of your compensation.
| Employee Contribution | Grande Oaks Safe Harbor Match | Total Retirement Savings |
| 0% | 0% | 0% |
| 1% | 1% | 2% |
| 2% | 2% | 4% |
| 3% | 3% | 6% |
| 4% | 3.5% | 7.5% |
| 5% | 4% | 9% |
| 6-70% | 4% | 10-74% |
You will gradually earn ownership of employer contributions based on the following IRS-regulated schedule. Your contributions are fully vested from the start, up to IRS limits.
|
Vesting Schedule for Matching Contributions
(At least 1,000 hours of service in a calendar year) |
|
| Years of Service | Percentage |
| 1 | 20% |
| 2 | 40% |
| 3 | 60% |
| 4 | 80% |
| 5 | 100% |
Employer Contributions
You can contribute up to 70% of your gross biweekly earnings, subject to IRS limits. This amount is independent of Grande Oaks' match.
You can choose between two types of contributions:
- Pre-tax Contributions: These lower your taxable income today, and you pay taxes when you withdraw the money in retirement.
- Roth (after-tax) Contributions: These are made after you pay taxes on your income. Withdrawals are tax-free during retirement if certain conditions are met.
- Contributions: You pay taxes on your income now and contribute after-tax dollars to your Roth account.
- Withdrawals: Tax-free after age 59½, provided the account has been open for five years.
- No Income Restrictions: Unlike a Roth IRA, there are no income limits for Roth 401(k) contributions.
- Higher Contribution Limits: Roth and pre-tax contributions combined can reach up to $22,500 for employees under 50 (in 2023).
- Employer Matching Contributions: Grande Oaks' matching contributions are pre-tax and subject to taxation at withdrawal.
- Required Distributions: Roth 401(k) requires minimum distributions at age 72. The Roth IRA is not subject to required minimum distributions and you can roll over your Roth retirement plan option contributions to a Roth IRA.
Consider your future (retirement) tax rate to decide which option is better for you:
- Higher Future Tax Rate: Roth option for tax-free withdrawals at retirement.
- Lower Future Tax Rate: Pre-tax option to reduce your taxable income now.
- Same Future Tax Rate: A mix of Roth and pre-tax contributions to manage potential future tax changes.
You should seek advice based on your own particular circumstances from an independent tax adviser.
Managing Your Contributions
To update your contribution preferences, log into your TIAA account and use the salary deferral feature.Contribution Limits
The IRS sets annual contribution limits for 401(k) plans. These limits are updated annually in October. Below are the contribution limits for 2023 and 2024:- Employee Limit (Under Age 50): $23,000
- Employee Limit (Age 50 and Over): $30,500
- NSU Employer Contribution Limit: $27,600
- Employee Limit (Under Age 50): $23,500
- Employee Limit (Age 50 and Over): $31,000
- NSU Employer Contribution Limit: $28,00
Loans and Withdrawals
While loans are not available through the Grande Oaks 401(k) plan, employees can withdraw funds under certain circumstances. Be aware that taxes and penalties may apply, especially with hardship withdrawals, so these options should be considered carefully.Eligible only for your contributions, these withdrawals are taxable and may incur a 10% early withdrawal penalty. They are allowed for:
- Medical expenses for yourself or dependents
- Costs associated with purchasing a primary residence
- Tuition and fees for post-secondary education
- Payments to prevent eviction/foreclosure
- Funeral or burial expenses
- Costs for catastrophic damage repairs to your primary home
Distributions
If you leave your job for any reason other than death, disability, or normal retirement, you can access the vested portion of your account balance.
- If your vested balance is over $5,000, you must consent before any distribution is made.
- If your vested balance is $5,000 or less, your balance may be automatically distributed to you. You'll receive a 30-day notice with distribution options. If you don't make an election within that time, your funds will be paid out as a lump-sum payment.
- Lump-Sum Payment: Receive your full balance in one taxable payment.
- Partial Distribution: Withdraw at least $1,000 at a time.
- Installments: Set periodic payments based on your life expectancy.
- Leave Money in the Plan: Continue deferring distributions until age 72.
- Annuity: Choose from a Single Life or Joint & Survivor annuity option.
After separating from employment, you must start taking RMDs at age 72. These are minimum yearly withdrawals that the IRS requires to avoid penalties. For more information, contact TIAA at 800-842-2252.
Note: You can roll over your distribution to another qualified plan or Individual Retirement Account (IRA).
Consult a Financial Adviser
Before making any decisions, we strongly recommend consulting a financial or tax adviser to understand how these options impact your situation.
For individual counseling, you can contact:
- TIAA: 800-732-8353
- CAPTRUST: 800-967-9948
Contact the NSU Benefits Team
For any additional questions, please contact the benefits department at ohr-retirement@nova.edu.