Tax-Deferred Annuity (TDA) Plans
Information and Support for Faculty and Staff
A Tax-Deferred Annuity Plan (TDA) allows you to invest in fixed and variable annuities and mutual funds in a tax-deferred account which allows you to save more for retirement outside of the university sponsored retirement plans. You have the choice of contributing in a pre-tax and/or after-tax option.
Contributions are not matched by the university.
When an employee is enrolled in a tax-deferred annuity, they will see their elected contribution deducted any time they receive pay.
Eligibility
All faculty and staff are eligible to participate.
Benefit Enrollment
You can enroll or make changes to your tax-deferred annuity at any time using UNI Works.
When logging into UNI Works, select Benefits and Pay from the Main Menu.
To make changes for the current month you must submit your change prior to the payroll cutoff date. To determine if you will make the current month's payroll cutoff date, view the Payroll Calendars support page. View either the Hourly Period Schedule or the Salary Period Schedule link and the HCM Transactions & Costing Allocations Cutoff column.
Your TDA Contribution
The amount elected will be the 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, that amount will continue to be deducted each month, even when the new year starts in January.
Roth contributions are included in your maximum yearly contribution limits, plus any catch-up limits, if applicable. Please consult a tax advisor for specific questions and how these contributions impact you.
Your Next Steps After Enrolling in a TDA
Accessing Your Online Account
You elected TIAA. Don't stop there. These next steps can make a big difference on setting your retirement savings up for success.
Before Your First Payroll Contribution
- Schedule a personalized investment consultation session using the online scheduler.
- 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.
- 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
Create your personal account at https://www.tiaa.org/public/tcm/uni.
First-time User:
- Go to TIAA.org/enrollnow.
- Plan access code - 101801
- From the Welcome to Enrollment with TIAA page, click Register with TIAA to create your user ID and password.
- Follow the prompts and print out the confirmation page. You are now enrolled.
Returning User:
- Go to https://www.tiaa.org/public/tcm/uni.
- Enter your TIAA user ID and password.
- Click Login.
- Click on the access code link and enter code 101801.
- Download the secure TIAA mobile app.
- Manage your retirement, bank and brokerage accounts, with the free and secure mobile app. To learn more about how TIAA protects your information and accounts, visit the TIAA Security Center.
- Learn more about your TIAA plans on TIAA's UNI Portal.
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 personalized meeting with a TIAA financial consultant to assist you with electing your investment mix. Review the TIAA website for available dates and times.
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.
TIAA Roth Resources
Comparison of Pre-tax vs. Roth After-tax Contributions
| Description | Enrolled in Pre-tax Contributions | Enrolled in After-tax Contributions |
|---|---|---|
| Your Annual Pay | $45,000.00 | $45,000.00 |
| Pre-tax Contribution | -$10,000.00 | -$0.00 |
| = $35,000.00 | = $45,000.00 | |
| Tax Obligation (above amount multiplied by 27.9%) | -$9,765.00 | -$12,555.00 |
| = $25,235.00 | = $32,445.00 | |
| Roth After-tax Contribution | -$0.00 | -$10,000.00 |
| Your Annual Take-Home Pay | = $25,235.00 | = $22,445.00 |
| Age | UNI Years of Service | Contribution Limit |
|---|---|---|
| Under 50 | Less than 15 | $24,500 |
| Under 50 | More than 15 | $27,500* |
| 50 or older | Less than 15 | $32,500 |
| Ages 50-59, and 64 or older | More than 15 | $35,500* |
| Ages 60 - 63 in 2026 | n/a | $35,750** |
| Note: Contributions above the basic $24,500 limit count against your 15-year catch-up lifetime limit first. Only amounts above the basic $24,500 and 15-year catch-up count as age 50+ catch-up contributions. | ||
| The maximum tax-deferred contributions are determined by the IRS and are set for the Calendar Year, January 1 - December 31. | ||
| *The 15-year lifetime catch-up provision is not guaranteed. Please contact hrs-benefits@uni.edu to see if you qualify. | ||
| **2026 offers those who are ages 60-63 a super catch-up opportunity of an additional $11,250 over the annual maximum for a total of $35,750. | ||
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:
- You have already contributed $15,000 in prior years because of this rule, or
- 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.
Super Catch-Up Provision
Effective January 2025, participants who are ages 60 - 63 can make a super catch-up contribution to their TDA. This amount is $11,250.
Quick Tips
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.
When an employee is enrolled in a tax-deferred annuity, they will see their elected contribution deducted any time they receive pay.
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.
Frequently Asked Questions
- Q1: How much can I put aside in my TDA?
A1: The maximum tax-deferred contributions allowed by the IRS for each Calendar Year is listed above in the Contribution Limits at a Glance table.
If you are age 50 or over, you are eligible to take advantage of the "Catch-up Provision" and may defer additional amounts.
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.- Q2: Can I withdraw my funds before age 59½?
A2: If an employee meets retirement requirements, they may withdraw funds before age 59½.
If the employee is not retiring, withdrawals before age 59½ are generally only allowed if they qualify for a hardship withdrawal. In most cases, a hardship withdrawal is subject to a 10% early-withdrawal penalty, and the withdrawn amount is also taxable.
- Q3: How do I change the beneficiary on my TDA?
A3: 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.
- Q4: Does UNI match my contribution?
A4: Enrollment in the 403(b) group supplemental retirement annuity is voluntary, thus UNI does not match any contributions.
- Q5: How do I enroll in a Tax-Deferred Annuity Plan (TDA)?
A5: Please review the Change Benefits Job Aid.
Wherever conflicts occur between the contents of this site and the contracts, rules, regulations, or laws governing the administration of the various programs, the terms set forth in the various program contracts, rules, regulations, or laws shall prevail. Space does not permit listing all limitations and exclusions that apply to each plan. Before using your benefits, review the plan's coverage manual. Benefits provided can be changed at any time without the consent of participants.