BENEFITS

Tax-Deferral Plan Frequently Asked Questions

Which employees are eligible?

All employees.

When can I enroll?

An employee can enroll anytime.

How much does the University contribute?

The University does not contribute to Supplemental Retirement Plans.

Who are the retirement fund sponsors?

Fidelity and Teachers Insurance Annuity Association (see APPENDIX A of the Tax-Deferral Plan for more information).

Am I required to make contributions?

No

When can I get my money out?

If you choose to withdraw funds prior to the time indicated in Section VIII (of the Tax Deferral Plan), the funds will be subject to a penalty and taxes. You cannot withdraw any money put into the RA sponsored by TIAA, even if this is your personal contribution (see the Benefits Payable section of the Tax-Deferral Plan).

Can I roll over funds from my previous employer?

No.

Can I transfer assets from another tax-deferred supplemental retirement annuity?

No.

When can I change my fund allocations?

ou can change the allocation of your portfolio as often as you like. Each company has an on-line service for you to access or you may contact the company and they will send you a form to change your allocation.

Must I name my spouse as my beneficiary?

Yes, for at least 50% of the account balance (see the Spouses' Rights section of the staff retirement plan).

How much can I save?

Effective January 1, 2008, the limitation under Section 402 (g) (1) for pretax contributions to a 403 (b) retirement plan is $15,500. In addition, the limitation under Section 414 (v) (B) (i) for catch-up contributions to a 403 (b) plan for individuals aged 50 or over is $5,000.

* Employees are fully vested when the account is opened.. To determine if you qualify for the special election, please contact Celeste Wertz, Retirement Benefits Specialist.

When are the contributions vested?

Funds are vested when the account is opened.

Will the University make back payments if I forget sign up when I become eligible?

No.

Can I borrow against my account?

Yes (see Loans section of the Tax-Deferral Plan for more information)

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