We are excited to share with you that Ithaca College will be taking advantage of enhanced functionality offered through TIAA that will make it easier for you to save for your retirement. Please see below for the details.
Are you doing all you can for your financial future? The Ithaca College 403(b) Retirement Plan can help.
Ithaca College recognizes the importance of providing ways for you to plan for your financial future. That’s why we recently conducted a review of the Ithaca College 403(b) Retirement Plan and identified employees who are not currently taking advantage of this important and valuable benefit
Ways to Make the most of your retirement benefits
If you are eligible to participate in the Ithaca College 403(b) Retirement Plan, but have not yet enrolled in the plan, you will be automatically enrolled on or after June 25, 2021. Contributions of 5% will be directed to the age-appropriate lifecycle fund that corresponds to the year closest to when you turn age 65. Contributions will be made pretax each payroll period, meaning less federal and state taxes are deducted, lowering your taxable wage base. For additional information regarding the plan, please visit your retirement benefits website
As with all mutual funds, the principal value in a lifecycle fund is not guaranteed at any time and will fluctuate with market changes. Also, please note that the target date represents an approximate date when investors may plan to begin withdrawing from the fund. However, you are not required to withdraw the funds at that target date. After the target date has been reached, some of your money may be merged into a fund with a more stable asset allocation.
Note: You can select different investments or opt out of the plan any time.
To opt out of automatic enrollment or change your contribution
Once you receive your auto enrollment notice, you will have 30 days to change your contribution amount or opt out of the Ithaca College 403(b) Retirement Plan. Once enrolled, you can log in at any time to change your contribution rate or stop contributing by setting your contribution rate to zero.
To help your savings keep pace with your long-term goals, once enrolled, you will also be set up with automatic salary deferral increases. Through convenient payroll deductions, your contribution rate will automatically increase annually by 1% on the anniversary of your hire date, until a maximum contribution rate of 15% is reached.
One-time contribution increases for employees contributing less than 5%
If you are currently contributing less than 5% to the plan, you will see an increase in your contribution rate up to 5%. The increase will occur as soon as administratively possible after June 25, 2021. If you are already contributing 5% or more, you will not be affected by this change.
To opt out of the one-time contribution increase
Once you receive your one-time contribution increase notice, you will have 30 days to opt out of the increase. Keep in mind, you can change or stop contributions at any time by submitting a new online salary deferral request electronically at: www.tiaa.com/ithaca.
You will receive additional information from TIAA as your automatic enrollment or your one-time contribution increase deadline approaches; however, you can review the plan features and your investment options any time at www.tiaa.com/ithaca. First-time users should select Log in, then Register for online access. Follow the on-screen directions to access your account. After that, you can log in to your account any time to:
- Select investment options
- Change your contribution rate or investment allocations
- Designate your beneficiary
Visit www.tiaa.org/tools for convenient resources that can help you on the path to retirement. You supply the information, and the tools do the rest.
If you have questions or need assistance, visit www.tiaa.com/ithaca or call TIAA at 800-842-2252. Consultants are available weekdays, 8 a.m. to 10 p.m. (ET).