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| October 7, 2021 |
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Dear Faculty and Staff Colleagues, We write as an update to the May 10 message, which shared the news that Trustees had approved increasing Santa Clara University's contribution to the 401(a) retirement plan to 10% of eligible compensation, effective July 1, 2021. At the time, the Trustees also asked the administration, in consultation with the Benefits Committee and the University Budget Council, to develop a fiscally responsible plan to temporarily increase the retirement plan contribution by 5%, which had been reduced by 5% for the prior 10 ½ month period. We appreciate the careful review and the recommendation by the Benefits Committee. While this was not in the Fiscal Year 2022 Budget at the time, we are pleased to announce that on October 6, the Executive Committee of the Board of Trustees approved the temporary increase to the retirement contribution, to be implemented over 10 ½ months starting December 1. The Trustees approved the proposed timeline we put forward. The effective result is a 15% employer contribution to the retirement plan from December 1, 2021, to October 15, 2022, after which the employer contribution will revert back to 10% of eligible compensation. The action the Trustees took yesterday is the culmination of a multifaceted collaboration among the Finance and Administration team, the University Budget Council, Human Resources, the Benefits Committee, the President’s Cabinet, and the Office of General Counsel, among others. We are grateful for the persistent and patient work of everyone involved and we commend them for solving a challenging issue for the well-being of our community. Sincerely,
Lisa A. Kloppenberg
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