Defined Contribution Plan (TIAA)
Eligible support staff members hired on July 1, 2014 and after may participate after one year of employment. If you have been a member of a University-sponsored retirement plan or TIAA for at least one year, the waiting period may be waived. The University contributes 7% of annual salary to this plan.
Indiana Public Retirement System (INPRS)
Support staff members in eligible positions hired on or before June 30, 2014 participate in the Indiana Public Retirement System. Certain rehires may be defaulted in to this plan. The University contributes 11.2% of the employee's gross earnings towards a pension and 3% towards an annuity savings account, for a total contribution of 14.2% into the Indiana Public Retirement System.
Access the INPRS website for detailed information regarding benefits, beneficiaries, vesting, newsletters, account management, benefit calculator and forms. The Perf at a Glance brochure is also a great resource.
Defined Contribution Plan (TIAA)
Eligible faculty and administrators may participate after one year of employment. If you have been a member of a University-sponsored retirement plan or TIAA for at least one year, the waiting period may be waived. The University contributes 11% of annual appointment salary to this plan.
Supplemental Retirement Plan
All full-time and part-time employees are eligible to enroll in this plan except for student workers and non-resident aliens. This plan is used to defer your income on a pre-tax or post tax (Roth) basis for retirement savings purposes. To enroll, complete the Voluntary Salary Deferral Form and submit it to Human Resources. You will then need to set up an account online with TIAA. There is no waiting period. See the key plan differences here.
Remember to keep your beneficiaries up to date at TIAA.
The Internal Revenue Service dollar limitations for pension plans and other retirement-related items are shown below.
401(k)/403(b) - 402(g)(1)
|457 Elective Deferrals
|Defined Contribution Limits
Taxable Wage Base
Social Security Administration
A system administered by the federal government through the Social Security Administration providing old age, survivor's disability and retirement benefits. The cost is shared by the University and the employee. Effective January 1, 2020: 6.2% of salary up to $137,700 for old age, survivor's, and disability insurance, and 1.45% of all covered wages for Medicare hospital insurance.
Employees are strongly encouraged to request a Social Security Personal Earnings and Benefit Estimate Statement (PEBES). The PEBES is a statement of a person's lifetime earnings and an estimate of future benefits. There is no cost to secure this statement and you do not need to be approaching retirement age; any individual who has paid any social security taxes during his/her working career may request a statement at any time.
TIAA holds monthly webinars through its interactive site called the Virtual Environment: www.tiaa.org/ve. This innovative resource offers users 24/7 access to a wide range of articles, on-demand seminars, and live monthly seminars on a variety of essential financial topics.
Need to enroll in TIAA? Click HERE to go to the TIAA enrollment site for USI!
To schedule an appointment with a TIAA representative, call 800-732-8353 or visit the website.
By registering, members will receive their own retirement benefit estimate in the mail. It’s very helpful to have this estimate with available for the session. To register call 844-464-6777 or visit the website.