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TIAA

A Defined Contribution Retirement Plan

Overview

TIAA is a defined contribution University Sponsored Retirement plan. Employees who participate are issued individually owned 403(b) retirement accounts. Benefit amounts at retirement are not guaranteed and the overall benefit amount is tied to the performance of the stock market. Employee’s elect their own investments and take on the risk of the performance of the account. Learn more on the TIAA website.

If eligible, you have 60 days from the date of hire to elect a University Sponsored retirement plan.

Eligibility Criteria for TIAA

  • Hold a non-temporary appointment and working at least 20 (50%) hours per week and;
  • The appointment is for at least nine (9) months or greater or;
  • Earn an annual salary of $7,800 or more at the university.

J-1 Visa Holders with a Social Security Number

  • A J-1 visa holder may only elect TIAA during the first two calendar years that they are considered a non-resident alien.
  • Once two calendar years have concluded, visa holders will have 60 days in which they can elect the IPERS (Iowa Public Employees Retirement System) plan.

Employees Meeting Eligibility Requirements for TIAA & IPERS

Once eligible for a University Sponsored retirement plan you may elect to contribute to either TIAA or IPERS.

This decision is irrevocable and will continue through your active employment at the university. If no decision is made within your enrollment time frame you will automatically be placed in IPERS.

Benefits Coverage

TIAA Benefits Coverage Effective Date
Life Event Coverage Starts
New Hire First day of employment.
Qualifying Employment Event Effective the first of the month after the event.
TIAA Benefits Coverage End Date
Life Event Coverage Ends
No Longer Eligible Effective the last day of the month the appointment is no longer eligible.
Separation of Employment Effective the last day of the separation month.

Plan Information

Overview of UNI Retirement Options

TIAA Contribution Rates

Less than five (5) years of service Your Share UNI's Share Total
First $4,800 of earnings in a fiscal year 3.33% 6.66% 10.00%
Above $4,800 of earning in a fiscal year 5.00% 10.00% 15.00%
After five (5) years of service Your Share UNI's Share Total
Contributions 5.00% 10.00% 15.00%

TIAA contributions are based on your earnings which include vacation and sick leave payouts. The 2020 annual compensation limit is $285,000. This is the amount that TIAA GRA (Group Retirement Annuity) contributions are calculated on.

Vesting

Vesting is a predetermined length of time an employee must satisfy to receive full benefits from the plan. Both yours and the university's contributions are 100% vested effective as of your enrollment date. This means that you own all contributions to your account, even if you leave the university before you retire.

Investments

  • Your funds will automatically be placed into a target-date fund based on your retirement age.
  • You are also able to select your own investment options.
    • Visit TIAA for a list of investments, fees, and tools to help choose your investment mix.
    • Schedule a free in-person consultation with a TIAA representative to assist you with electing your investment mix. TIAA consultants are on campus 6-8 days per month. Review the TIAA website for available dates and times.

Learn More

  • Schedule a personalized investment consultation session for a date after April 3, 2020. You can schedule a campus meeting 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.
  • Look for future communications in the monthly UNI Benefits & Well-being newsletter. This newsletter is sent to your UNI email address the first working day of each month.

TIAA Online Account

Items needed to register:

  • Plan access code - 101800

If you are a first-time user:

  1. Go to TIAA.org/enrollnow.
  2. From the Welcome to Enrollment with TIAA page, click Register with TIAA to create your user ID and password.
  3. Follow the prompts and print out the confirmation page. You are now enrolled.

If you are a returning user:

  1. Enter your TIAA user ID and click Log In.

Leaving Employment Before Retirement (Under Age 55)

If you are retiring before age 55, you have several options for your TIAA contributions. You may:

  • Leave your funds in your account at TIAA.
  • Roll your funds over to another qualified retirement plan.
  • Take cash withdrawals from your account.
    • Cash withdrawals will be subject to taxation.
    • If you withdraw funds prior to age 59 ½, you may be subject to an additional 10% early withdrawal penalty.
  • For more details, visit the TIAA website, schedule an appointment with a TIAA consultant or meet with your financial professional.

Leaving Employment Due to Retirement (Over Age 55)

If you are retiring after age 55, you have several options for your TIAA contributions. You may:

  • If you retire after reaching age 55, the additional 10% early withdrawal penalty will not apply.
  • There are numerous withdrawal options to choose from including rollovers, withdrawals and annuities.
  • For more details, visit the TIAA website, schedule an appointment with a TIAA consultant or meet with your financial professional.

Retirees Returning to Work

TIAA Participant

  • If a retiree returns to work at UNI, and previously participated in TIAA, they cannot return in a TIAA eligible position and continue to contribute to TIAA while receiving distributions.
  • If the retiree is now participating in IPERS they cannot hold a non-temporary appointment of half-time or greater, and earn an annual salary of $7,800 or more at the university and receive TIAA distributions.

IPERS Participant

  • If a retiree returns to work, and previously participated in IPERS at UNI or another state agency, they cannot receive IPERS distributions if they earn an annual salary of $30,000 or more at any state agency.
  • It is necessary to establish a clear separation from IPERS-covered employment after retirement for retirees age 55-70.
    • For more information on retirement restrictions with IPERS members returning to work, please visit the IPERS website.

Independent Contractors

  • An employee may not return to work as an independent contractor during the bona fide retirement period. (The first four months the employee receives an IPERS retirement benefit payment)
  • The employee may not enter into a written or oral agreement to perform services as an independent contractor until at least one benefit payment has been received from IPERS.

Benefit Enrollment

Frequently Asked Questions

  1. 1Q: Can I begin taking distributions while I’m still employed?

    1A: If you are still employed by the University you are not allowed to make early withdrawals from your TIAA for any reason.

  2. 2Q: If I enrolled in IPERS when I became newly eligible, can I switch to TIAA?

    2A: Serious consideration must be given when choosing a retirement plan because you cannot switch to a different plan while still employed at UNI.

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