• When You Can Make Changes to Your Benefits

  You are allowed to change your contribution amounts on a monthly basis and changes will 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.

• How to Make Changes to Your Benefits

  UNI Employee Benefits Self-Service

  Benefits Self-Service System is designed to help you enroll, make changes, and view your current benefit elections all in one location. For additional support, visit the Benefits Self-Service Help site.

  • Get Started: Benefits Self-Service Login

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

You have two choices on how to contribute to your TDA

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.

Annually

• The amount will be divided by the number of pay periods you have remaining in the current year.
• Example you elect an annual contribution amount of $2,400 in November and receive 12 paychecks, since there are only two months left in the year, you would have $1,200 deducted from your November and December paychecks.
• If you do not make a change, your annual elected amount will start over in January.

Using the example above:

• In January, your amount would adjust to reflect $2,400 over the full 12 benefit deductions. You contribution amount would reduce to $200 monthly to equal a total of $2,400 by December 31.

Complete the Benefits Self-Service 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.

Contribution Types

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.

2024 Contribution Limits at a Glance

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.

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