Tax-Deferred Annuity Plan | Frequently Asked Questions
How much can I put aside in my TDA? The maximum tax-deferred contributions allowed by the IRS for Calendar Year 2020 is $19,500.00.
If you are age 50 or over, you are eligible to take advantage of the "Catch-up Provision" and may defer additional amounts. The 2020 Over 50 'Catch-Up' Maximum is $6,500.00.
403(b) plans also allow an additional 'Lifetime Catch-Up' provision that allows a participant with at least 15 years of service with UNI, an additional $3,000 contribution limit. The maximum lifetime limit for this catch-up provision is $15,000. Please contact a member of the benefits team if you are interested and they will determine if you qualify.
Can I withdraw my funds before age 59½? In most cases you are allowed to withdrawal before age 59½ if you qualify for a hardship withdrawal. In most cases you will pay a penalty (about 10%) and you will also have to pay taxes on your withdrawal.
How do I change the beneficiary on my TDA? If you wish to make a beneficiary change to your TIAA TDA, download the TIAA Beneficiary Change form and send directly to TIAA. You can also access your account at TIAA.org and change your beneficiary designations. If you are currently enrolled in a TDA with another company besides TIAA, you are encouraged to contact that company directly.
Does UNI match my contribution? Enrollment in the 403(b) group supplemental retirement annuity is voluntary, thus UNI does not match any contributions.
