Retirement Savings Benefits FAQs

Can I move to the Faculty and Staff Retirement Plan 403(b) now that I am a U.S. citizen?
Please contact HR Services to request the change.

Should I select pre-tax or Roth contributions?
Please reference Understanding Traditional vs. Roth Contributions [pdf]. HR Services staff cannot give specific tax or investment advice. If you have questions regarding which investment you should choose, you may want to schedule a counseling session with a TIAA representative. You can also view Roth account information on the IRS website.

I am leaving the university. How do I get access to my money after I leave?
Contact TIAA to set up a one-on-one meeting with a representative or call HR Services to request a distribution form.

My job is short term. Why are you bothering to put in university contributions if I will not be here for three years?
Qualified employer plans are required to follow the plan rules for eligibility. If you have prior service from another university you may have credit towards vesting.

Will my other payroll deductions come out before my retirement contribution? What if I do not have enough funds left to cover everything?
Health/welfare benefits and parking come out first, then employee contributions to retirement. If there is not enough in a pay period to cover all of your elected contributions, then only what is available is deducted for retirement.

I am a part-time employee. When I meet my vesting hours, will I get a lump sum amount contributed retroactively back to my anniversary date?
Yes, if you are eligible for the Faculty and Staff Retirement Plan. If you are eligible for the 401(k) Plan, you will be enrolled going forward with a contribution end date of the last day of the current year.

Will I get credit toward vesting if I worked here before? If so, do I need to take any steps to get that credit?
Yes. Please be sure to note that you were previously employed by CMU or contact HR Services to have that information updated.