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TIAA: Additional Retirement plans, Financial Counseling, and Live Financial Webinars

Any non-student employee (including non-benefited employees) can choose to contribute to any supplemental retirement savings account available through TIAA as long as he/she is receiving a salary from BYU. Contributions are made through payroll deductions. BYU does not make any matching contributions to these accounts. The two options are:

  • TIAA 403(b) - similar to a 401(k); sometimes referred to as a supplemental retirement annuity
  • TIAA Roth IRA - an after-tax Individual Retirement Account.

TIAA 403(b)


To enroll in the TIAA 403(b) plan, please select the link below. Once you have completed the enrollment information, contact BYU Benefits Service, benefits@byu.edu, to request the salary reduction agreement, and to designate your contribution percentage.
https://www.tiaa.org/public/tcm/byu

  • Contributions are before tax; you are not taxed until it is withdrawn.
  • Earnings are tax-deferred; you are not taxed until it is withdrawn.
  • Contribution percentage may be changed at any time. You may also elect a fractional percentage for your contributions (not available in the DMBA 401(k)). Visit the Benefits Office to complete and sign a form.

You may only withdraw funds prior to age 59½ for the following reasons:

  • Death
  • Disability
  • Early Retirement (age 55+)
  • Termination
  • Financial hardship

Funds that you withdraw prior to age 59½ are subject to federal and state income taxes. Tax laws require a mandatory 20% withholding. Also, an additional tax penalty equal to 10% of the taxable portion of your withdrawal will be imposed.

The annual contribution deferral limit for 2022 is $20,500. Employees age 50 or older may contribute an additional $6,500 (up to $27,000 total). However, any contributions to a 401(k) also count toward this limit.

There are many investment options to choose from. Please visit the Benefits Office for plan materials which include a list of all available investment options.

TIAA ROTH IRA

  • Contributions are after-tax; they are tax-free when withdrawn (if you meet qualifications).
  • Earnings are tax-deferred; they are tax-free when withdrawn (if you meet qualification).
  • Contribution amount (not a %) may be changed at any time. Visit the Benefits Office to complete and sign a form.

The annual contribution limit is $6,000. Employees age 50 or older may contribute an additional $1,000 (up to $7,000 total). Any contributions to a 401(k) or 403(b) do not count toward this limit.

There are many investment options to choose from. Please visit the Benefits Office for plan materials which include a list of all available investment options.

TIAA VIRTUAL APPOINTMENT LINK

Want more information about the TIAA plans or more in-depth planning for the funds you have already invested in TIAA? Use the following link to set up appointment with a TIAA representative for financial counseling:

Financial Counseling for Higher Education Institutions in Utah

UPCOMING FINANCIAL ESSENTIALS LIVE WEBINARS

Below is the itinerary of all currently scheduled webinars, with direct scheduling links, and attached is a detailed flyer for March. Employees can access these webinars at TIAA.org/webinars. Recordings are available for replay on demand for 90 days following the live webinar date.

Topic Date Time
Attention to Detail: Financial finishing touches for women June 14 10 a.m. MT
Demonstrating the value of responsible investing June 14 1 p.m. MT
At Your Fingertips: Manage your money from wherever you are June 15 1 p.m. MT
Help protect you, your family, and your money June 16 10 a.m. MT
Tomorrow in focus: Saving for your ideal retirement June 16 2 p.m. MT
Looking to Turn Your Retirement Savings into a "Paycheck" for Life? July 12 10 a.m. MT
Start to Finish: The early career woman’s guide to financial wisdom July 12 1 p.m. MT
Quarterly Economic and Market Update with TIAA’s Chief Investment Strategist July 13 10 a.m. MT
Beneficiary Considerations July 13 1 p.m. MT
Within Reach: Transitioning from career to retirement July 19 1 p.m. MT
Inflation & Your Income: managing investments so your income lasts a lifetime July 20 12 p.m. MT
Lifetime Income: Marketproof Your Retirement Aug 10 10 a.m. MT
Gaining Insights: Navigating debt consolidation and understanding the mortgage process Aug 16 10 a.m. MT
Discover the power of financial well-being Aug 17 10 a.m. MT
Hindsight is 2020 Aug 18 1 p.m. MT