Overview
You are eligible to participate in the TIAA-CREF Defined Contribution Plan if you hold a non-temporary appointment of half-time or greater, and earn an annual salary of $7,800 or more at the University. Federal and State income taxes on contributions are deferred until the benefits are received.
Contribution Rates | |||
|---|---|---|---|
| Your Share | UNI's Share | Total | |
| Less than five (5) years of service | |||
| First $4,800 of earnings in a fiscal year | 3.33% | 6.66% | 10.00% |
| Above $4,800 of earning in a fiscal year | 5.00% | 10.00% | 15.00% |
| After five (5) years of service | |||
| Contributions | 5.00% | 10.00% | 15.00% |
The 2014 annual compensation limits that TIAA CREF GRA (group retirement annuity) contributions will be calculated on is $260,000.
Vesting
With TIAA-CREF you are immediately vested. Both the employee and the University contributions are fully and immediately vested. This means that you own all contributions to your account, even if you leave the University before retirement.
Terminating Before Retirement (Under Age 55)
You own all contributions to your account. You can leave your money with TIAA-CREF as long as you would like. You can receive withdrawals from your account or roll it into an IRA. If you withdraw funds before age 59½ , they may be subject to an additional 10% early withdrawal penalty.
Retirement (Over age 55)
If you retire after reaching age 55, the 10% tax penalty will not apply. There are numerous withdrawal options including annuities. For more details, visit www.tiaa-cref.org.
Returning to Work
If a new employee has retired from UNI and previously participated in TIAA-CREF, they cannot return in a TIAA-CREF eligible position and receive distributions. Therefore, even if the employee is now participating in IPERS, they cannot hold a non-temporary appointment of half-time or greater, and earn an annual salary of $7,800 or more at the University and receive TIAA-CREF distributions.
If a new employee has retired and previously participated in IPERS at UNI or another state agency, they cannot receive IPERS distributions if they earn an annual salary of $30,000 or more at any state agency.