Skip to main content

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  • Contributions are before tax; you are not taxed until it is withdrawn.
  • Earnings are tax-deferred; you are not taxed until it is withdrawn.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  • Contributions are after-tax; they are tax-free when withdrawn (if you meet qualifications).
  • Earnings are tax-deferred; they are tax-free when withdrawn (if you meet qualification).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
The Secure Act Revealed Nov 9 10 a.m. MT
Money at Work 2: Sharpening investment skills Nov 9 1 p.m. MT
Financial Housekeeping for now and later  Nov 10 10 a.m. MT
Lifetime Income: Marketproof Your Retirement Nov 10 1 p.m. MT
W2W Attention to Detail: Financial finishing touches for women Nov 11 10 a.m. MT
Strategies for staying on track Nov 11 1 p.m. MT
Planning for College? Save with a 529 Plan Dec 7 10 a.m. MT
Gaining Insight: Navigating debt consolidation and understanding the mortgage process
Dec 7 1 p.m. MT
Estate planning basics Dec 8 10 a.m. MT
She's Got It: A woman’s' guide to saving and investing Dec 8 1 p.m. MT
Halfway There: A retirement checkpoint Dec 9 10 a.m. MT
The power of savings Dec 9 1 p.m. MT
Paying Yourself: Income options in retirement Jan 11 11 a.m. MT
Quarterly Economic and Market Update with TIAA’s
Chief Investment Strategist
Jan 12 10 a.m. MT
Los secretos del dinero:  Cómo gestionar los ingresos
y las deudas (Inside Money)
Jan 13 2 p.m. MT
Looking to Turn Your Retirement Savings into a Paycheck for Life? Jan 25 11 a.m. MT
The Starting Line: Beginning to Save for Retirement Jan 26 12 p.m. MT
Market Proof Your Retirement Feb 16 10 a.m. MT
Understanding Health Savings Accounts Feb 17 10 a.m. MT
Strategies for Staying on Track Feb 17 3 p.m. MT
At Your Fingertips: Manage your money from wherever you are Feb 23 10 a.m. MT
Discover the power of Financial Well-being Feb 24 12 p.m. MT
Dinero en funcionamiento 1: Las bases de la inversión (Money at Work 1) Feb 24 2 p.m. MT