|
|
Teachers Insurance and Annuity Association (TIAA)
|
● |
Franklin Pierce University's Retirement Plan is a
Defined Contribution Plan that is governed by 403(b) of
the Internal Revenue Code and is administered by TIAA.
The plan allows you to save your own money for your
retirement and allows for the University to contribute
as well. |
|
● |
Offers a broad spectrum of investment choices through
Teachers Insurance and Annuity Association (TIAA). |
|
● |
All faculty and staff can contribute through payroll
deductions. You may start, pause or change your
voluntary contributions at any time. The IRS maximum
voluntary contribution in 2022 maximum is $20,500
if you are under age 50, and $27,000 per year if you are
aged 50 or older. |
|
● |
Start or change your voluntary contribution by
completing the
Salary Reduction Form 403(b). |
Regardless of your age, the time for thinking about retirement
is now. With careful planning, you can help make your retirement
years a more comfortable and secure time of life for you and
your family.
|
● |
Auto-Enrollment:
When you are eligible to receive contributions from the
University, you will automatically be enrolled into a
plan. Once enrolled, you can adjust your investment
selections at any time. |
|
● |
Vesting:
Vesting indicates the
stage at where you "own" the money that Franklin Pierce
has contributed to your retirement plan.
You are 100%
vested in your payroll deducted, voluntary contributions
made to your retirement plan.
Upon leaving Franklin
Pierce University, you are 100% vested in the
contributions made by the University. |
|
● |
Plan Document:
The
Summary Plan Document provides information for
participants and beneficiaries covered under our
retirement plan. |
|
● |
If you are going to turn age 50 in the current calendar
year and contribute the IRS maximum allowed you can make additional catch-up contributions.
What are catch-up contributions? Catch-up contribution
is intended to help you accelerate your progress toward
your retirement goals. The catch-up amount is an
additional $6,500 contribution for 2022. |
|
● |
If you have an existing qualified retirement plan
(pre-tax) with your former employer, you are able to
transfer or roll over that account into FPU 403(b) plan
at any time.
|
How do I rollover
my past employers retirement plan? |
|
● |
Reach out to your previous employers Human
Resources Department. |
|
● |
Your former employer will be able to tell you
what you will need to do to rollover your plan
to FPU plan. |
|
|
● |
TIAA has a robust investment line-up you can view
online.
Visit
www.tiaa.org/public/tcm/franklinpierce
to review your options, change your beneficiary, check
the status of your earnings or change your personal
information. |
|
(800) 842-2888
Valic information
For employees who hold a Valic
account, please reach out to Valic directly at (800) 448-2542. |
|
