Retirement
Retirement Plan
The University retirement program allows eligible employees to participate on a voluntary basis after completing two years of employment at the University without a break in service. Eligible employees are required to participate on a noncontributory basis after completing five years of service. Monthly contributions are applied as premiums on regular retirement annuity contracts owned by the participant and may be allocated between the Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF) investment options. Each year of employment with an eligible institution during the period immediately preceding employment at Illinois Wesleyan University may be credited as year of service for retirement plan participation purposes. Pentegra, is the plan administrator for the University's Multiple Employer Plan through TIAA. Pentegra works to assure compliance with legal requirements for notices to plan participants. Employees will receive communications from this company.
Group Supplemental Retirement Annuity Plan
Employees are eligible upon hire to begin voluntary monthly contributions (tax-deferred or after-tax) to a supplemental retirement annuity plan with TIAA, within limits established by the Internal Revenue Service.
Resources
TIAA: IRS contribution limits for 2021 flyer
Summary Material Modifications (SMM) - SECURE Act
Salary Reduction Agreement Form
TIAA Webinars:
To register for an upcoming retirement webinar or watch a previous webinar on-demand, visit www.tiaa.org/webinars.
Millennium Investment Advisors
Schedule a Virtual Meeting and speak with an advisor to:
- Answer questions about the retirement plan benefits.
- Understand your investment options.
- Receive holistic financial planning to help guide you to use the Illinois Wesleyan University retirement plan to the best of your abilities to achieve your retirement goals.
You can also reach Millennium’s Scheduling Team at schedule@mcmva.com or by phone at 877-435-2489 and select option 1.