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

    Estate Planning Basics March 24, 9 a.m. (PT) Sign Up

    Ensuring that our assets will pass to loved ones, and causes that are near and dear is important to most of us. Discover the components of a basic estate plan and strategies to ensure that your wishes are met.

    Paying Yourself: Income Options in Retirement  April 13, 9 a.m. (PT) Sign Up
    You can learn the rules that govern retirement assets and find out when to consider using different income sources. Save time, manage your money, and feel empowered by learning and using the latest digital enhancements.

    Making it Easier for You: Online Tools and Resources April 13, 12 p.m. (PTSign Up             
    Save time, manage your money, and feel empowered by learning and using the latest digital enhancements.

    Quarterly Economic and Market Update April 14, 9 a.m. (PT) Sign Up  
    Take a closer look at our views on the financial markets, including key market drivers, U.S. economy, policy and politics, and investing in public markets. This seminar will also cover the challenges that investors face and how to navigate them.

    The Power of Saving April 14, 12 p.m. (PT) Sign Up            
    Whether you’re the kind of person that lives and spends in the now or plans for what’s ahead, there are always ways to save smarter. In this seminar, you’ll learn a number of strategies for better managing your money, so you have the knowledge and confidence to pay your bills, save for a rainy day, and achieve any larger financial goals you’ve set for yourself.

    W2W Attention to Detail: Financial Finishing Touches for Women April 15, 9 a.m. (PT) Sign Up
    Am I ready to retire? How do I know if I have enough? How do I plan my income? What should I look out for as I plan and even after I am retired? Financial success can often complicate your life and we are going to try to help you answer those questions and more.

    Making Gifts to Loved Ones and Charities April 15, 12 p.m. (PT) Sign Up 
    You can help to maximize the value of your life’s work and help to take care of your survivors and philanthropic causes with a little planning. This webinar will review basic strategies for giving to individuals and charities during your lifetime, as well as legacy planning.

     

    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: