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.
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, visit www.tiaa.org/webinars. Recordings are available for 90 days after live date.
- Opening doors to the future—save in a 529 college savings plan - September 13 at 11 a.m. (CT)
- Strategies for staying on track - September 13 at 2 p.m. (CT)
- Help protect you, your family and your money - September 14 at 1 p.m. (CT)
- An Introduction to Alternative Investments: Real Estate - September 15 at 11 a.m. (CT)
- At Your Fingertips: Manage your money from wherever you are - September 15 at 2 p.m. (CT)
- Understanding health savings accounts – 10/4 at 3 p.m. (ET)
- Looking to turn your retirement savings into a “paycheck” for life? - 10/11 at 12 p.m. (ET)
- Quarterly economic and market update with TIAA’s Chief Investment Strategist - 10/12 at 12 p.m. (ET)
- Money at work 1 – 10/12 at 3 p.m. (ET)
- Live with confidence in retirement – Five steps to creating a retirement income plan – 10/13 at 12 p.m. (ET)
- Social Security considerations – 10/19 at 3 p.m. (ET)
- Inside Money: Managing income and debt 11/8 at 3 p.m. (ET)
- The power of savings 11/9 at 3 p.m. (ET)
- Financial housekeeping for now and later 11/10 at 12 p.m. (ET)
- Money at work 2 11/10 at 3 p.m. (ET)
- Lifetime Income: Market proof your retirement 11/16 at 3 p.m. (ET)