Tax-Deferred Annuity (TDA) Plans

UNI utilizes UNI Works system to enroll, change, and track benefits. Upon your hire you will be sent an email from the benefits team explaining your next steps.

Please log into UNI Works frequently to check your tasks and benefit changes.

Annual Open Enrollment

If you do not make any changes during open enrollment your coverage selection will remain the same.

Qualifying Life Event

You may also enroll, waive, or change your coverage selection based on a qualifying life event.

UNI Works

UNI Works is designed to help you enroll, make changes, and view your current benefit elections, dependents and beneficiaries all in one location. When logging into UNI Works, select Benefits and Pay from the Main Menu.

Some vendors require action prior to your first payroll contribution.

TIAA suggests that you schedule a personalized investment consultation session using the online scheduler or by calling 800-732-8353 (available weekdays from 7 a.m. – 7p.m. CST). As a participant in a TIAA retirement plan, you can receive personalized investment guidance on the plan’s investment options from a TIAA financial consultant. This on-campus service is available as part of your retirement program and is at no additional cost to you.

After your first payroll contribution toTIAA, you may now set up your account.

Monthly

• The amount elected will be the same amount deducted each month unless you make a change. This amount will carry over from year to year.
• Example: If you elect a $100 monthly contribution this amount will continue to be deducted even when the new year starts in January.

Complete the UNI Works request to begin your payroll deductions.

Roth contributions are included in your maximum yearly contribution limits, plus any catch-up limits, if applicable. Please consult a tax adviser for specific questions and how these contributions impact you.

TIAA Pre-Tax Option

• TIAA pre-tax contributions are deducted from your paycheck before taxes, which reduces your taxable income and the amount of taxes you pay now.
• These deductions are subject to taxation at the time of withdrawal from your tax-deferred retirement account.
• Withdrawing earnings prior to age 59 ½ may be subject to a 10% additional penalty tax

TIAA Roth After-Tax Option

• TIAA after-tax contributions are deducted from your paycheck after taxes are withheld. Which results in a higher taxable income and greater tax savings later
• After-tax contributions allow you to enjoy tax-free distributions, without penalty, when you are age 59 ½ or older and you take your first distribution at least five years after your first Roth contribution to the contract.
• Withdrawing earnings prior to age 59 ½ may be subject to a 10% additional penalty tax.
• If your taxable salary will be higher in retirement than it is currently, this after-tax deduction may be beneficial.
• For example, if your taxes at age 35 are 25% and you expect your taxes at age 65 to be 35%, you would be saving on taxes prior to retirement by using a Roth TDA.

Catch-up Provision

If you are age 50 or over, you are eligible to take advantage of the "Catch-up Provision" and may defer additional amounts.

Lifetime Catch-Up Provision

The Lifetime Catch-Up Provision allows you to contribute an additional $3,000 over the annual IRS limit if you have been employed at UNI for 15 years or more; unless:

1. You have already contributed $15,000 in prior years because of this rule, or
2. You have already contributed $5,000 times the number of your years of service at UNI in a TDA in prior years.

If you are enrolling in a TIAA TDA and would like to know if you qualify for the Lifetime Catch-Up Provision, please email hrs-benefits@uni.edu.

You are allowed to change your contribution amounts on a monthly basis and changes can be effective for the current month if the request is submitted prior to payroll processing. If the request is submitted after payroll has processed, the change will be effective the following month.

You will need to contact your 403(b) vendor to establish your account and set up your investment options. Then enroll or make changes through UNI Works.