Plan Details

• Exempt Faculty and Staff Retirement Account

  Enrollment in the retirement account will be processed automatically on the one (1) year employment anniversary, or upon receipt of the service waiver, whichever is earlier. This is a mandatory contribution and cannot be waived or opted out of. 

  Two contribution options are offered through salary reduction to regular full-time and part-time exempt employees.

  • Option I requires a six percent (6%) contribution by the employee. This is the only option for retirement plan participants aged 50 or older.
  • Option II requires a contribution of six percent (6%) of salary in excess of $17,700 per year. This contribution results in a contribution that is $88.50 per month ($40.85 per bi-weekly pay) less than the full 6% contribution. This option is only available to retirement plan participants who are under age 50. Participants enrolled in Option II will automatically be transferred to Option I upon their 50th birthday.

  Upon enrollment in the plan, participants will receive a To Do item in their Workday inbox, detailing the steps necessary for opening their retirement account with TIAA.

   

• Non-Exempt Staff Retirement Account

  Non-exempt staff are not required to contribute to the Retirement Account (RA) in order to receive the University contribution. Enrollment in the RA will be processed automatically on the one year anniversary, or upon receipt of the service waiver, whichever is earlier.

  Upon enrollment in the plan, participants will receive a To Do item in their Workday inbox, detailing the steps necessary for opening their account with TIAA.

   

• Supplemental Retirement Account Contributions (SRA and Roth)

  All faculty and staff are eligible to make voluntary contributions to a Supplemental Retirement Account (both pre-tax deferrals into an SRA and/or post-tax deferrals into a Roth). This election can be made at any time throughout the year, via the Benefits worklet in Workday. This contribution is subject to the IRS elective deferral limit.

  Participants over the age of 50 may also contribute up to the IRS catch-up contribution limit.

  The SRAs are a separate account under TIAA, and will require opening an SRA and making investment allocations for these plans. These contributions cannot be combined into the RA. (Certain employees who were making voluntary contributions into the main RA, before that option was terminated under the plan, can continue to make these contributions. If those contributions end, however, they cannot be restarted into the RA.)

   

• 457(b) Plan

  All members of the Operations Management Group (OMG) and all Associate Vice Presidents are eligible to participate in the 457(b) plan. This plan provides an additional savings tool, as it has a separate IRS maximum contribution limit from the SRA. The University 457(b) plan does not allow for the catch-up contribution option.

   

• Former Plans (Talcott and Fidelity)

  Non-exempt staff who were employed by the University prior to 2001 may have an annuity with Talcott. For information regarding this annuity, participants should contact them directly at 800-678-2282, using extension *8 to bypass the automated menu and reach a customer service representative.

  Participants who participated with Fidelity (before that plan was terminated) can 800-544-4744 with any questions regarding their account.