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.
TIAA Contribution Forms and Previous Benefits Waiver:
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.
Employees hired before 01/01/2011 are eligible to establish a Retirement Choice Contract and receive Retirement Choice Contract contributions from the College.
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.
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:
Quarterly Economic and Market Update
Hear from the chief investment officer about the challenges investors are currently facing and tips on
how to navigate them.
TIAA representatives will be sharing their views on:
– The state of the U.S. economy and key
market drivers
– Recent financial policies and politics
– Investing in public markets
Wednesday, April 10th at 12:00 P.M. (ET)
Register for TIAA webinars, or view past webinars, here
Fine-tuning your Retirement Strategy: Investing toward a secure future
If you’re in or near your peak earning years and want to do all you can to build a secure
retirement, this webinar is for you! We’ll move beyond investing basics to help you fine-tune your saving and investing strategies for retirement.
Tuesday, April 16th at 2:00 P.M. (ET)
Register for TIAA webinars, or view past webinars, here
Start to Finish: The early career woman’s guide to financial wisdom
Get the financial knowledge you need to start on the right foot. Start caring for your financial well-being now. It’s never too early to begin saving, and the sooner you do, the more prepared you may be down the road.
TIAA representatives will be sharing their views on:
– Understand your income and your outflow, and how to balance them to your advantage
– Discover how saving a little now can help you later on
– Make a plan for your finances and your financial future
Thursday, April 18th at 3:00 P.M. (ET)
Register for TIAA webinars, or view past webinars, here
Staying Safe in the Age of AI
Join us for a discussion on the growth of AI and what that means for protecting ourselves against scams and cybersecurity attacks.
TIAA representatives will be sharing their views on:
– How AI is being used in scams and phishing attempts
– Practical steps attendees can take to safeguard their family and themselves
Wednesday, April 24th at 1:00 P.M. (ET)
Register for TIAA webinars, or view past webinars, here
APRIL WEBINARS
Financial know-how starts here
Register for TIAA’s live webinars to get financial information, news
and tips from our experts.
Reserve your spot by registering now at TIAA.org/webinars. Check
back at any time for future webinars. These webinars are part of your
retirement plan benefits.
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)
Beneficiary Information:
TIAA Beneficiary Flyer
TIAA Beneficiary Newsletter
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:
- The College of Wooster Defined Contribution Plan Summary Plan Description
- The College of Wooster Summary Plan Description Material Modifications
- Summary Annual Report – 2021
- Summary Annual Report – 2022
- Annual Notice
- Fee Disclosure
- QDIA Annual Notice
- Life Cycle QDIA Fact Sheet
- Universal Ability Notice 2022
- Universal Ability Notice 2023
- Universal Availability Notice 2024
- Defined Contribution Plan – Summary
- Notice of Internet Availability
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