April 2015 Changes to College Retirement Equities Fund (CREF):
Effective April 24, 2015, TIAA-CREF is making changes to CREF. We are expanding from one class of each CREF Account to a total of three. We currently have a single-class structure, which means that we have the same expense ratios across employer-sponsored and individual plans/products of all sizes. To better align our structure with the costs of serving a wide range of clients and participants, we are creating multiple classes. While no action is required on your part, we encourage you to review your online notification package, which contains important information about this change.
To view your documents:
ROTH 403(b) plan
Juniata College has worked closely with TIAA-CREF to bring some exciting enhancements to your retirement plan. You now have available to you additional investment choices including TIAA-CREF Lifecycle Funds and personalized advice and planning services. These enhancements are designed to make it easier than ever for you to manage your retirement savings investments. More information about these enhancements are available here.
The retirement program available to regular, full-time employees is administered by the Director of Human Resources. While the following summaries briefly describe the various programs, their actual terms - including all special conditions and limitations - are stated in the summary plan descriptions.
Appointments for individual counseling sessions on TIAA-CREF plans available through Juniata College can be made by contacting the State College Office.
Retirement Plan Summary
The College provides a retirement plan through the Teachers Insurance and Annuity Association (TIAA), and the College Retirement Equities Fund (CREF). Eligible employees may participate in the TIAA/CREF plan and must enroll after one year of service at Juniata College. Individuals having a current TIAA/CREF contract are eligible to begin participation immediately. The College contributes 10% and the individual contributes 2% of his/her salary, which is deducted from the monthly pay. The 2% employee contribution may be made on a tax-deferred basis.
It is possible for eligible employees to contribute retirement funds over and above amounts being accumulated under the mandatory retirement plan. The total amount contributed to the Retirement Plan must not exceed the limitations set by the Internal Revenue Code. The Assistant Director of Human Resources will provide individualized information about these limitations upon request. Under certain conditions, a partial withdrawal of the accumulated value of the supplemental contributions, less administrative charges, can be made prior to retirement.
Any participant leaving the College is fully vested in his/her policy, and may continue contributions thereafter on a personal basis. Each individual participating in TIAA/CREF has a variety of investment options to choose from and may change their investment allocation at any time.