Pacific University recognizes the importance of providing you with ways to plan for your financial future. Your retirement plan is an important part of your overall benefits.
- You may participate in the Supplemental Retirement Annuities (SRA) plan, which allows you to contribute to your own retirement plan, with limits set by the IRS and changes can be made at any time. The SRA is a Section 403(b) tax deferred annuity plan and your contributions are invested at your direction, based on options available.
- You decide how much you want to contribute (up to the IRS maximum limit).
- You are eligible to receive employer contributions to your SRA plan after you have worked for Pacific at least 1,000 hours over the course of a 12-month calendar year. If you worked for another qualifying education institution, (a minimum of .5 FTE) immediately prior to joining the Pacific University staff and faculty, that service may count toward your eligibility.
- You are immediately 100% vested in the plan.
ATTN: For all those making contributions to a TIAA plan, the Internal Revenue Service announced dollar limitation adjustments for pension plans and other retirement-related items for the 2020 tax year. For the 403(b) plans utilized by Pacific University, the maximum limit is changing from $19,000 in 2019 to $19,500 in 2020. Catch up for employees age 50 and older is increasing from $6,000 in 2019 to $6,500 in 2020. You may obtain more details by reviewing TIAA's summary document or by visiting the IRS Retirement deferment information webpage. Changes to contributions for 2020 may be made now through the TIAA website.
Workshare | Personal Finance Considerations
Click HERE for TIAA and financial considerations for Work Share participants, there is also information regarding changes that allow employees to make mid-year changes regarding health coverage, health flex spending accounts, and dependent care flexible spending accounts.
Upcoming TIAA Virtual Consultations
For those with TIAA, these sessions are offered free as a part of your retirement plan. There is no additional cost to you. You’ll get answers to these questions and more:
- Am I invested in the right mix of investments to help meet my goals?
- Am I saving enough to create the retirement income I need?
- How do I take income from my retirement account once I stop working?
TIAA sessions that were previously scheduled as on-campus appointments are now taking place virtually. If you’ve confirmed a session with TIAA, you should have received an email regarding your virtual appointment details. Please be aware that sessions for April 28, 29, and 30 are on one page and can be booked by clicking on the respective dates on the appointment page.
Please note that there is also a COVID-19 Financial FAQ sheet available on BOX.
Space is limited. If you’d like a session, please RSVP today. Click thru below to RSVP or call 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET).
Roth Contribution Now Available with TIAA Retirement Plan
In your retirement plan, your pretax contributions have the potential to accumulate tax deferred and withdrawals are taxable. With the Roth option, your after-tax contributions have the potential to accumulate tax free. Withdrawals after age 59½ are tax free if distribution is no earlier than five years after contributions were first made. These potentially significant tax benefits are similar to a Roth IRA. There are other advantages to Roth contributions, including higher contribution limits than a Roth IRA. Would you like to know more about the new Roth Contribution option available through TIAA? Please see the attached Roth document or view it in BOX.
- Pacific University 403b Summary Plan Description
- 403(b) Plan Restatement
- 2018 Summary Annual Report
- Universal Availability Notice
- About TIAA
- Enroll in the Plan
- Update current contribution to your retirement account
- Roth Contributions