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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.

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  • Contributions are before tax; you are not taxed until it is withdrawn.
  • Earnings are tax-deferred; you are not taxed until it is withdrawn.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 2023 is $22,500. Employees age 50 or older may contribute an additional $7,500 (up to $30,000 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 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.

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

Quarterly Economic and Market Update

Hear from our chief investment officer about challenges investors are facing and tips on how to navigate them.

April 10
10 am MT

Fine-tuning Your Retirement Strategy: Investing Toward a Secure Future

If you’re in or near your peak earning years and want to do all you can to build a secure retirement, this webinar is for you. We’ll move beyond investing basics to help you fine-tune your saving and investing strategies for retirement.

April 16
12 pm MT

Start to Finish: The Early Career Woman's Guide to Financial Wisdom

Get the financial knowledge you need to start on the right foot. Start caring for your financial well-being now. It’s never too early to begin saving, and the sooner you do, the more prepared you may be down the road.

April 18
1 pm MT

Staying Safe in the Age of AI

Join us for a discussion on the growth of AI and what that means for protecting ourselves against scams and cybersecurity attacks.

April 2411 am MT