In December, the Board of Regents approved a 2% reduction in the TIAA defined contribution employer matching plan from 9% to 7% effective July 1, 2024. Prior to this change, faculty and staff contributed 5% and received a 9% University employer contribution.
As of July 1, 2024:
- The staff employee contribution decreased to 3% to encourage more staff to participate in the matching program, and the University employer contribution decreased to 7%. Any staff who would like to redirect the additional 2% (or more) to an alternative account may elect to contribute to the tax-deferred annuity plan and/or the Roth option by submitting a Salary Reduction Agreement form through PeopleAdmin.
- The faculty employer contribution also decreased to 7%; however, because this plan is mandatory for faculty, the minimum faculty contribution will remain at 5%.
The change to the Defined Contribution Plan occured automatically and was reflected in the July 15 and July 19 paychecks. However, any staff who would like to redirect the 2% will need to complete additional forms via PeopleAdmin.
As a reminder, changes can be made to your TIAA contributions rates at any time.
Instructions to make changes:
Login to PeopleAdmin here: http://hartford.peopleadmin.com/hr/
- Click the three blue dots at the top and select Employee Records
- From there, on the left side, click Available Forms. All the forms are alphabetical. Locate the TIAA 403B Salary Reduction Agreement and complete the form.
If you have any questions, please contact Jenna Holtzner, Benefits Manager, at holtzner@svztur.com or Jen Conley, AVP, Human Resources, at jconley@svztur.com.