Retirement Plan

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.

Plan Highlights:

  • 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. Please send the 403(b) Employer Contribution Eligibility document to your previous employer.
  • 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.

 

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?

    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 schedule one today. Explore upcoming consultation dates and appointment details

     

    Upcoming TIAA Webinars

    Planning for college? Save with a 529 plan - September 12 at 9 a.m. (PT) Sign Up
    You can learn how 529 college savings plans work and how to invest in one for a child,  grandchild, yourself or other loved one.

    Inside Money: Managing income and debt - September 14 at 12 p.m. (PT) Sign Up
    Discover how to help make your money work harder by using your cash flow more  effectively, developing good saving habits and better managing debt.

    Start to Finish: The early career woman’s guide to financial wisdom - September 15 at 9 a.m. (PT) Sign Up
    When women are starting their careers, there’s a lot to consider—career goals,  job satisfaction, achieving a work/life balance. But it’s important to also consider  retirement. Discover how establishing a plan now can help build your financial future.

    Tomorrow in Focus: Saving for your ideal retirement - September 15 at 12 p.m. (PT) Sign Up
    Find out how retirement savings, planning and the real benefit of time are essential  features of retirement investments.

    Understanding Medicare - September 16 at 9 a.m. (PT) Sign Up
    Paying for healthcare in retirement is a critical part of financial planning, and it is  important to understand how Medicare operates and what choices you have. This  webinar will help you understand some aspects of Medicare, including eligibility and  what plans are available to you.

    Making it Easier for You: Online tools and resources  - September 16 at 12 p.m. (PT) Sign Up
    Save time, manage your money, and feel empowered by learning and using the latest digital enhancements.

    Well-rounded retirement overview - September 16 at 1 p.m. (PT) Sign Up
    Planning for retirement goes beyond just thinking about money. A full-picture plan  starts with considering the many non-financial aspects of retirement, too. This webinar  provides a high-level view of the model for a well-rounded retirement.

     

    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.

     

    Additional Information: