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. 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 RSVP. Explore upcoming consultation dates and RSVP details. When visiting the scheduling page, be sure to choose At Your Workplace and Select Pacific University as your employer.
Upcoming TIAA Webinars
The Starting Line: Beginning to Save for Retirement January 12 at 12 p.m. (PT) Sign Up
You can learn how to evaluate and manage debt, find additional ways to save, create a budget and begin to plan for retirement.
Quarterly Economic and Market Update with TIAA’s Chief Investment Strategist January 13 at 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.
Looking to Turn Your Retirement Savings into a “Paycheck” for Life? January 13 at 12 p.m. (PT) Sign Up
You diversify your investment portfolio before retirement to help offset risk. A similar strategy can help see you through retirement. Learn how creating a diversified income plan—one that uses a combination of income sources and includes annuity income that’s guaranteed for life—can help reduce the risks you may face in retirement and ensure you have income that never runs out.
Bob Doll’s 10 Predictions for 2021 January 14 at 9 a.m. (PT) Sign Up
Nuveen’s Chief Equity Strategist will discuss his annual predictions for 2021, taking a comprehensive look at the trends and issues he believes are positioned to shape the economy and markets for the coming year.
The 411 on 529 College Savings Plans January 14 at 12 p.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.
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
- 2019 Summary Annual Report
- Universal Availability Notice
- About TIAA
- Enroll in the Plan
- Update current contribution to your retirement account
- Roth Contributions