TIAA Tax-Deferred Annuity Plan
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.
TIAA 403(b)
To enroll in the TIAA 403(b) plan, please go to https://www.tiaa.org/public/tcm/byu. Once you have completed the enrollment information with TIAA, log in to Workday to designate your contribution percentage. Please see our Change Benefits (Retirement Savings) job aid for instruction on how to manage your TIAA contribution in Workday.
- Contributions can be pre-tax or Roth after-tax.
- Contribution percentage may be changed at any time.
- Contributions can be a whole or fractional percentage (not available in the DMBA 401(k)).
You may only withdraw funds prior to age 59½ for the following reasons:
- Death
- Disability
- Early Retirement (age 55+)
- Termination
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 2025 is $23,500. Employees age 50 or older may contribute an additional $7,500 (up to $31,000 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 FINANCIAL CONSULTANT APPOINTMENTS
Want more information about the TIAA plans or more in-depth planning for the funds you have already invested in TIAA? Use the following information to set up appointment with a TIAA representative for financial counseling:
CAMPUS APPOINTMENTS
If you are interested in meeting with a TIAA consultant on campus, please call 800.732.8353 to schedule an appointment.
Upcoming Campus Dates
Coming soon!
VIRTUAL APPOINTMENT LINK
If you are interested in meeting with a TIAA consultant virtually, please click the link below to schedule an appointment.
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.
TIAA also offers Spanish financial educational webinars. The webinars can be accessed here: TIAA.org/RecursosEducativos
TIAA ofreciendo seminarios web de educación financiera en español. Los seminarios web se pueden acceder aquí: TIAA.org/RecursosEducativos.
| Topic | Date | Time |
Retirement planning across generations and demographics: Navigating the big decisions Retirement planning involves important calculations, from how much to save to when to retire. Learn how a diverse set of Americans are navigating these choices and their implications. | February 12 | 10 am MT |
Family wealth includes more than just economic resources. The plan should also contemplate your family’s values, experiences and passions. | February 27 | 1 pm MT |
Charting your course: A woman’s financial guide
Jump-start your financial journey. We will help you discover how to make your money work for you. | March 12 | 10am MT |
Identify your top tax considerations and learn which factors will have the biggest impact on your individual situation. Plan for what you know and prepare for what may change. | March 27 | 1pm MT |