Good News! The College of Wooster is making saving for your retirement even easier by offering automatic enrollment. When you meet service eligibility your funds will also be match by the College as noted below:
Staff with 1 year or more of service – Matching Non-Elective Total
Contribution less than 5% 0% 8% 8%
Contribution 5% or more 2% 8% 10%
Staff with 10 years or more of service-
Contribution less than 5% 0% 10% 10%
Contribution 5% or more 2% 10% 12%
Faculty with 2 years or more of service –
Contribution less than 1.5% 0% 10% 10%
Contribution 1.5% or more, but less than 3% 1% 10% 11%
Contribution 3% or more 2% 10% 12%
Automatic Enrollment
Effective January 1, 2013, if you are eligible for the plan but don’t enroll within 30 date of hire/eligibility, you will be automatically enrolled. This means that pretax dollars are contributed to the Plan at a rate of 3% for faculty or 5% for staff of your eligible compensation.
You have some options if you do not want to be automatically enrolled:
- To change your contribution amount: You must complete a salary deferral agreement with the change you would like to make. You can choose to contribute more or less.
- You can opt out of the automatic enrollment feature. In order to make this election, chose the Waiver option on your TIAA enrollment form and return the form to Human Resources for to Benefits@Wooster.edu within 30 days of hire.
Go to TIAA.org/Wooster to set up your TIAA account and/or to make any changes to your online account. These changes will become effective as soon as administratively possible.
If you opt out within 30 days after you become eligible to participate in the Plan, no contributions will be withheld from your paycheck.
Please see the Plan’s Summary Plan Description for more information on employer contributions.
This notice gives you important information about the Plan’s rules, including the Plan’s automatic enrollment feature and employer matching contributions. The notice covers these points:
- Whether the Plan’s automatic enrollment feature applies to you;
- What amounts will be automatically deducted from your pay and contributed to the Plan;
- What other amounts the College will contribute to your Account;
- How employee contributions will be invested;
- How you can change the investment allocation of your contributions;
- Where you can view plan and investment related information;
- When your Account will be vested, and when you can withdraw your plan Account balance;
- How you can change the amount of your contributions; and
- How you can change your beneficiary designation(s)
- You can find out more about the Plan in the Summary Plan Description (SPD), which is available from
- the Plan Administrator at the address shown at the end of this notice.
1. Does the Plan’s Automatic Enrollment feature apply to me?
Employees hired after 1/1/2013 will be enrolled in the Plan starting with the first paycheck of the month following the date of hire. This means money will be automatically taken from your salary and contributed to your account. If you do not want to be enrolled, you need to obtain a Salary Deferral Agreement from the Plan Administrator at the address shown at the end of this notice, and then submit the completed Agreement to the Plan Administrator indicating your election not to participate.
2. If I do nothing, how much will continue to be taken from my salary and contributed to the Plan?
If you are a faculty member and do not turn in a completed Salary Deferral Agreement, 3% of your eligible salary for each pay period will continue to be taken from your salary and contributed to the Plan. If you are a staff member and do not turn in a completed Salary Deferral Agreement,5% of your eligible salary for each pay period will continue to be taken from your salary and contributed to the Plan. To learn more about the Plan’s definition of eligible salary, you can review the Plan’s SPD.
Your contributions to the Plan are taken out of your salary and are not subject to federal income tax at that time. Instead, they are contributed to your plan Account and may grow over time with earnings. Your account will be subject to federal income tax only when amounts are withdrawn. This helpful tax rule is a reason to save for retirement through Plan contributions. Contributions will continue to be taken out of your salary if you do nothing. But you are in charge of the amount that you contribute. You may decide to do nothing and become automatically enrolled, or you may choose to contribute an amount that better meets your needs. You can change your contributions by completing and submitting a new Salary Deferral Agreement to the Plan Administrator at the address listed at the end of this notice.
If you want to contribute more to your account than the automatic enrollment percentage, there are limits on the maximum amount. These limits are described in the Plan’s SPD, which is available from the Plan Administrator at the address shown at the end of this notice.
3. In addition to the contributions taken out of my salary, what amount will The College of Wooster contribute to my Account?
Faculty: Besides contributing the amounts taken from your salary, beginning the first of the month following your 2-year employment anniversary, The College of Wooster will make a base contribution equal to 10% of your salary plus a matching contribution of 2% if you are contributing 3% (the automatic contribution rate). If you have completed and submitted a Salary Deferral Form and have opted for employee contributions less than 3%, the College’s matching contribution will decrease. These amounts are described in the Plan’s SPD, which is available from the Plan Administrator at the address shown at the end of this notice.
Staff: Besides contributing the amounts taken from your salary, beginning the first of the month following your 1-year employment anniversary, The College of Wooster will make a base contribution equal to 8% of your salary plus a matching contribution of 2% if you are contributing 5% (the automatic contribution rate). If you have completed and submitted a Salary Deferral Form and have opted for employee contributions less than 5%, you will not be eligible for the matching contribution.
Remember, you can always change the amount you contribute to the Plan by completing and submitting a new Salary Deferral Agreement to the Plan Administrator at the address shown at the end of this notice.
4. How are my contributions being invested?
TIAA has been selected by The College of Wooster as the investment provider for the Automatic Enrollment contributions. The Plan lets you invest the contributions in a number of different investment choices. Unless you choose a different investment option or options, the Auto Enroll contributions will be invested in the default investment option for The College of Wooster Defined Contribution Retirement Plan, which is the age appropriate Life Cycle Fund. If the default investment option changes at any time in the future, you will be notified.
You can obtain updated information on fee expenses and an explanation of the Life Cycle Funds at TIAA.org/Wooster or by contacting TIAA at 1-800-842-2252.
To learn more about the Plan’s investment choices, you can review the Plan’s SPD. Also, you can contact the Plan Administrator using the contact information at the end of this notice.
5. How can I change the investment allocation of the contributions that will be made on my behalf by The College of Wooster to another investment choice available under the plan?
The Plan allows you to choose from a diverse set of investment options. A list of the Plan’s available investment options and a copy of the prospectus or information statement for each investment option may be obtained from TIAA at 1-800-842-2252 or at TIAA.org/Wooster.
You have the right to change the allocation of your investments at any time. If you elect to change the allocation of your account from the age-appropriate Life Cycle Fund, there are no fees or expenses imposed in connection with that transfer. But certain restrictions may apply if multiple transfers are made from any one account. See the fund prospectus at TIAA.org/Wooster for more details on restrictions on frequent transfers.
You can change how the contributions are invested among the Plan’s offered investment options, by contacting TIAA at 1-800-842-2252 or accessing your account online at TIAA.org/Wooster.
6. Where can I view plan and investment related information?
To view current performance and other plan- and investment-related information, go to TIAA.org/Wooster and enter plan ID 150416.
If you have questions or would like a paper copy of the notices, please call TIAA at 1-800 842-2252.
7. When will my Account be vested and available to me?
You will always be fully vested in your contributions to the Plan and you will be immediately fully vested in the College’s contributions. To be fully vested means that the contributions (together with any investment gain or loss) will always belong to you, and you will not lose them when you leave your job.
Even if you are vested in your Account, there are limits on when you may withdraw your funds. These limits may be important to you in deciding how much, if any, to contribute to the Plan. In general, you may only withdraw vested money after you leave your job, reach age 59½, or become disabled. Also, there is a 10% federal tax penalty on distributions before age 59½.
8. Can I change the amount of my contributions?
You can change the amount you contribute to the Plan. If you do not want to contribute to the Plan (and you haven’t already elected not to contribute), you will want to turn in a Salary Deferral Agreement electing zero contributions (0%).
If you discontinue automatic contributions, the College will treat you as having chosen to make no further contributions. However, you can always choose to continue or restart your contributions by completing and submitting a new salary reduction form to the Plan Administrator.
9. How can I change my beneficiary designation(s)?
In addition to reviewing how your contributions are invested, you should also review and update your beneficiary designation(s) if it is does not reflect how you would want your assets distributed upon your death. Reviewing and changing your beneficiary designation(s) in accordance with Plan rules can be made by logging into your secure account at TIAA.org/Wooster or by contacting TIAA at 1-800-842-2252.
10.Who should I call if I have any questions?
If you have any questions about the Plan’s investment choices, how the Plan works or your rights and obligations under the Plan, or if you would like a copy of the Plan’s SPD or other Plan documents, please contact the Plan Administrator at:
Human Resources
The College of Wooster
536 E. Wayne Avenue
Wooster, OH 44691
330-263-2526
benefits@wooster.edu
Go to TIAA.org/Wooster to log in and get more information.
If you have any questions, please call 1-800-842-2252. Consultants are available 8am to 8pm EST.