1. TIAA Retirement Plan
The university makes this voluntary plan available to help employees supplement their retirement income. Eligible employees can defer a portion of their earnings on a pretax basis to this plan allowed by Section 403(b) of the Internal Revenue Code. At present, the university contributes a percentage of the participating employee’s base salary to their retirement account. The plan document is available the Human Resources department.
2. Supplemental Retirement Annuities
The Internal Revenue Service permits individuals who participate in 403(b) retirement plans to contract with independent insurers to purchase supplemental retirement annuity plans. The university permits TIAA plan participants to purchase annuity plans at their own cost and discretion but may from time to time limit the number of providers from which participants can choose.