Retirement Plans
Retirement Plan Enhancements
The Office of Human Resources is pleased to update you on the exciting news shared in recent months on upcoming enhancements to our retirement plans and to continue to inform you about what changes you can expect beginning in May 2023.As previously announced, both current TIAA plan participants and current Transamerica participants will transition to the new TIAA Retirement Choice (RC) for University contributions and TIAA Retirement Choice Plus (RCP) Platforms for Employee contributions. This will achieve additional and best-in-class investment options for all participants.
All “new” contributions will be directed to TIAA beginning with pay checks dated May 26, 2023, for staff, and June 1, 2023, for Faculty.
If you are currently with Transamerica, Transamerica balances and new contributions will be “mapped” to “like” asset classes in the new RC/RCP Platforms at TIAA. You may select other investments within the RC/RCP Platforms.
This information does not apply to Voluntary 403(b). If you make contributions to the Voluntary 403(b) with Transamerica, your contributions will automatically default to the Vanguard Target Retirement Fund, until you select other investment options on the RCP Platform.
If you are currently with TIAA, new contributions will be “mapped” to “like” asset classes in the new RC/RCP Platforms. You may select other investments within the RC/RCP Platforms.
Participants with balances in existing TIAA contracts, including the Voluntary 403(b), may choose to leave those balances where they are OR may choose to transfer those balances to the new TIAA program. Balances with TIAA prior to May 26 for staff and June 1 for Faculty will remain in the current investments unless participants take action to move their balances to the RC/RCP Investment options. If participants choose to move existing TIAA balances, they should first understand the details related to the transfer, including whether surrender charges apply.
Please note: Plan participants are not required to take any action to implement these changes. However, please review all the information that is sent to you as you may wish to evaluate making changes to your current investment strategy based on the updated options.
Plan participants now have access to CAPTRUST Financial Wellness and Advice. CAPTRUST is an independent investment advisory firm that provides investment advice to University of Scranton employees who need help navigating their retirement benefits and other financial priorities (budgeting, debt, credit, and college savings). CAPTRUST will not sell you any products — their services are made available to you as part of the University of Scranton retirement plan benefits package at no additional cost. To make an investment advice appointment with CAPTRUST online, visit captrustadvice.com or call 1 800-967-9948,
Recently, you have received detailed information from TIAA, which included a detailed Transition Guide and required compliance notices. Please pay attention to your email and mail throughout May for any additional communications from TIAA.
Contact Human Resources at hr@scranton.edu or 570-941-7767 with any general questions.
Exempt Retirement Plan
Professional staff and administrators enroll with Teachers Insurance Annuity Association (TIAA) . Contributions are shared by the University and employee according to a salary-based schedule.
Non-Exempt Retirement Plan
Non-exempt staff enroll with Teachers Insurance Annuity Association (TIAA) and contributions are made into the plan on an employee’s behalf by the University.
Eligibility
These plans provide for 100% immediate vesting. Participation is mandatory and begins the first day of the plan year (June 1) following attainment of age 20 ½, six months of service, and 1,000 hours worked. New eligible staff and administrators will be invited to attend a presentation by TIAA to assist in making a decision about initial participation.
Retirement Plan Documents
Beneficiary Designation and Information Change Forms
Exempt Staff:(Administrators, Full-time Faculty and Professional) Para-professional included in this category for Retirement plan purposes.
Non-exempt Staff:
Customer Service
To receive customer service directly from Teachers Insurance Annuity Association/College Retirement Equities Fund (TIAA) use the following:
Teachers Insurance Annuity Association/College Retirement Equities Fund (TIAA)
- 1.800.842.2776
- www.tiaa.org