Carnegie Mellon University

Investment Options

Carnegie Mellon has two retirement savings vendors, TIAA and Vanguard. You can make changes to your investment funds online or by phone once your first contribution is made.

View the TIAA and Vanguard Fund Line-up Comparison to see available funds [pdf].

Rollovers, Transfers and Distributions

Current Faculty and Staff Retirement Plan participants may transfer their assets between CMU retirement vendors. Participants may roll over their assets from a qualified retirement plan from a previous institution to CMU. If you terminate employment with the university, you may roll over your vested assets at CMU to another institution.

If you are transferring assets from one vendor to the other, your future paycheck contributions will not change until you complete the change in Workday.

  1. Complete the Vanguard Asset Transfer Form [pdf] and submit to Vanguard.
    Mail: Vanguard, P.O. Box 1101, VM H20, Valley Forge, PA 19482
    Fax: 484-582-2929
  2. Complete the TIAA to Vanguard Direct Transfer Form [pdf] and submit to TIAA.
    Standard Mail: TIAA, P.O. Box 1268, Charlotte, NC 28201-1268
    Overnight Mail: TIAA, 8500 Andrew Carnegie Blvd., Charlotte, NC 28262
    Fax: 800-914-8922 (within U.S.); 704-988-7653 (outside U.S.)
  3. You should be notified once the transfer is complete. If you have more than one contract at TIAA you may need a form for each contract.
  1. Complete the Moving Funds to TIAA Form [pdf] and submit to TIAA.
    You must complete a separate form for university contributions (plan number 102240) and employee supplemental contributions (plan number 102241). You can submit these in one mailing.
    Standard Mail: TIAA, P.O. Box 1260, Charlotte, NC 28201-1260
    Overnight Mail: TIAA, 8500 Andrew Carnegie Blvd., Charlotte, NC 28262
  2. If you have never had accounts at TIAA, you will also need to complete enrollment forms.
    1. TIAA FSRP Enrollment Form - University Contributions — 102240 [pdf]
    2. TIAA FSRP Enrollment Form - Employee Contributions — 102241 [pdf]
  3. You should be notified once the transfer is complete.

If you are rolling over your assets from an outside institution to CMU, you will need to complete one of the following forms. You will also need proof that the assets are coming from a qualified plan or traditional IRA.

Contact your vendor for more information.

If you are terminated and/or leaving the university, contact your retirement plan vendor — TIAA and/or Vanguard — directly to take a distribution or roll over funds to another institution or vendor. You can send paperwork directly back to the vendor. Both TIAA and Vanguard will securely contact CMU's Retirement Benefits staff members to verify your employment end date and vesting.

In-Service Withdrawals

You may be able to withdraw funds from your retirement savings before your retirement date if you meet eligibility requirements.

  • You are eligible to take in-service withdrawals from your employee source contributions for any reason after age 59.5.
  • Loans are available through TIAA only from the Faculty and Staff Retirement Plan (FSRP).
    • TIAA administers the loans; you can transfer your employee supplemental contributions from Vanguard if you need to take a loan.
    • Contact TIAA for information and the form.
    • See the Carnegie Mellon Loan Policy [pdf] for more information.
  • Hardship distributions are available at any age under the IRS Safe Harbor hardship rules:
    • TIAA: contact TIAA for the necessary forms, and TIAA will process.
    • Vanguard: contact Vanguard for the necessary form, but CMU Retirement Benefits Specialists approve the amount and sign off.
  • Loans are not available in the CMU 401(k) Plan.

You are eligible to take an in-service withdrawal from the contributions made by the university on your behalf, even if you are still employed by the university, as long are over age 59.5, vested in your university contributions, and you satisfy one of the two following conditions:

(i) you are a fully-vested faculty member and your status changes from a full-time employee to a part-time employee or your status changes to “retired” or “emeritus”, or

(ii) you suffer an immediate and heavy financial need for any of the following reasons:

  • qualified medical expenses
  • to prevent eviction from or foreclosure on, your primary residence
  • funeral or burial expenses for your deceased parent, spouse, child or other dependent
  • to repair damage to your principal residence what would qualify qualify for a casualty loss deduction under Code § 165
  • satisfaction of a judgment entered against you in a court of law, settlement of an action filed against you in a court of law or settlement of a debt for which the creditor has instituted collection proceedings or taken other action adversely affecting your credit

CMU Retirement Benefits Specialists must approve and sign off on in-service withdrawals from university contributions.