Retirement Plan

The College’s 403(b) Retirement Plan is administered by TIAA.  

Eligibility
Faculty and staff may participate in the plan immediately upon employment. Employees may establish a Group Supplemental Retirement Annuity. Contributions may be made on either a salary reduction (pre-tax) or salary deduction (post-tax) basis, subject to IRS limitations.

Waiting periods can be waived for both faculty and staff members with previous service at another institution of higher education, and also being enrolled in a retirement plan for at least 1 year of that service for staff, and 2 years of service for faculty.

Effective 1/1/2025, Long-Term Part-Time employees are eligible to make employee contributions to the 403(b) plan. The IRS defines Long-Term Part-Time (LTPT) Employees as:

  • at least 21 years of age and
  • have worked a minimum of 500 hours in two consecutive years.

A team member from Human Resources will notify you if you are eligible to be automatically enrolled or you may waive employee contributions by electing the waive option on the form highlighted below.

TIAA Contribution Forms and Previous Benefits Waiver:

Faculty

Following the completion of two consecutive years of service (two years, beginning on date of hire or anniversary of date of employment, in which 1,000 or more hours per year are worked), an employee is eligible to establish a Retirement Choice Contract and receive Retirement Choice Contract contributions from the College.

Staff Hired before Jan. 01, 2011

Employees hired before 01/01/2011 are eligible to establish a Retirement Choice Contract and receive Retirement Choice Contract contributions from the College.

Staff Hired on or After Jan. 01, 2011

Following the completion of one year of service (one year, beginning on date of hire or anniversary of date of employment, in which 1,000 or more hours per year are worked), an employee is eligible to establish a Retirement Choice Contract and receive Retirement Choice Contract contributions from the College. 

Verification of Previous Benefits

Provide this letter for completion and signature by your previous employer in higher education for possible waiver of waiting periods for some benefits, including retirement contributions. Staff and faculty who previously worked at an institution of higher education are eligible for this waiver.

Be sure to sign the authorization before sending, and completed forms can be sent to benefits@wooster.edu

Upcoming Webinars Presented by TIAA:

TIAA Financial Counseling Scheduling:

TIAA Virtual Financial Counseling Scheduling Information:

  • Visit www.tiaa.org/schedulenow
  • Select “Schedule” under “Virtual Consultation”
  • Login with your TIAA credentials
  • Select “College of Wooster” as your institution
  • Select a date/time and confirm your meeting.

TIAA In-Person, On-Campus Appointment Scheduling:

  • Visit www.tiaa.org/schedulenow
  • Select “Schedule” under “Your Employer”
  • Select “Ohio” and “The College of Wooster”
  • Select a date/time and confirm your meeting.

TIAA App

TIAA Resources:

IRS Contribution Limits for 2024 (TIAA Flyer)

Secure Act 2.0 Website

Beneficiary Resource Center

Beneficiary Information:

TIAA Beneficiary Flyer
TIAA Beneficiary Newsletter

TIAA Investment Options


TIAA Customer Service Number 1-800-842-2252
Register for your online account by going to https://auth.tiaa.org/public/authentication/enroll#/email
It’s an easy and secure way to view balances, manage investments, get advice and more. You need to be enrolled in a retirement plan or have a TIAA account to register.
Schedule an appointment with TIAA:  To discuss your plan and options for managing your retirement savings or to schedule an appointment with a TIAA Individual Consultant, please call TIAA at: 800-732-8353, Monday – Friday, from 9:00 a.m. to 8:00 p.m. (ET) or visitwww.tiaa.org/schedulenow

Plan Documents:

TIAA Individual Retirement Arrangement (IRA)

IRAs come in two flavors: traditional and Roth. There are two fundamental differences between them: whether you pay taxes before contributing (Roth) or after withdrawing funds (traditional) and when you need to withdraw funds from these accounts. You contribute to these plans through your personal bank account. To learn more please visit TIAA.

529 Plans for College Tuition

Save for your loved one’s education in a TIAA managed state sponsored 529 plan. Their dreams – and your future savings goals – can be easier to achieve. Unlike other investment accounts or future student loans, a 529 plan allows you to take advantage of additional benefits, both now and in the future. TIAA 529 Plan Flyer

CBIZ Retirement Newsletter Retirement Matters

Retirement Matters is a quarterly newsletter provided by CBIZ, through partnership with TIAA, that is intended to provide relevant market information and retirement plan strategies.

To access the Retirement Matters newsletter, visit wealthmanagement.cbiz.com/insights. In addition to the retirement planning newsletter, there are articles, videos, and other content published to the CBIZ insights page.

Each issue includes:

  • Retirement, investment and/or wellbeing topics
  • Helpful examples and real-world scenarios
  • Retirement and investment tips and resources
  • Contact information for additional retirement plan support