TIAA 403(b) Retirement Savings Plan

Wittenberg University sponsors a 403(b) Retirement Plan for eligible employees. This is a voluntary plan designed to help faculty and staff save for and supplement their retirement income.

Through the Plan's Fund Sponsors and Recordkeeper, TIAA*, a 403(b) account is set up and maintained for each eligible participant. Participant 403(b) accounts contain sub-accounts governed by separate eligibility, contribution and distribution rules. These sub-accounts are the Defined Contribution Account and the Supplemental Retirement Account.


Upon hire, all employees are immediately eligible to participate in the Supplemental Retirement Account (SRA) portion of the plan.

Eligible employees can participate in the Defined Contribution (DC) portion after being credited with one year of service. Wittenberg will waive the one year eligibility period for new employees who have been credited with at least 1,000 hours of service in a 12-month period with a previous employer that sponsored a 403(b) plan.


Upon reaching eligibility, employees will be automatically enrolled in the Defined Contribution portion of the Plan and 5% of their eligible compensation will be deferred into the account on a pre-tax basis. Employees have the option to reduce the 5% automatic enrollment to 2%, 3%, 4%, or opt-out entirely. As long as the employee contributes at least 2% into the Defined Contribution portion of the Plan, the University will make a 5% matching contribution on behalf of the employee. Employees can change or revoke the automatic deferral election at any time.

Employees who would like to contribute amounts above 5%, on a Roth basis, or who are not yet eligible to participate in the Defined Contribution portion of the Plan can make deferrals into the Supplemental Retirement Account immediately upon hire. The SRA has a loan feature and funds are available for distribution at age 59 1/2 whether or not you are still employed.


Distributions are handled entirely by the Recordkeeper, TIAA. Employees should see the Plan Document, log on to their online retirement account, or call TIAA for distribution options.


The Summary Plan Description (SPD) provides a summary of the main features of the Plan and is written to help make provisions of the Plan easier for you to understand.

The official Plan Document provides a full description of the plan. In the event of any discrepancy between the SPD and the Plan Document, the official Plan Document will prevail.

Additional Information

Please visit the TIAA/Wittenberg homepage for additional information.

The university has contracted with CBIZ to serve as the Plan's financial consulting firm. Helpful information from CBIZ is provided below.


Eligible employees may enroll by completing a Salary Reduction Form and Elective Deferral Agreement and returning it to the Human Resources Department.

Part-time employees not eligible to participate in the DC portion of the plan may participate in the SRA portion by completing the Salary Reduction Form and Election Deferral Agreement for Part-time Employees and returning it to the Human Resources Department.

Savi (student loan forgiveness tool sponsored by TIAA)

The Savi student loan forgiveness tool can help:

  • Reduce your payment based on your income and family size
  • Free up funds to direct towards your financial goals, such as retirement or emergency savings
  • Remove the complexities of student loan forgiveness and handling all of the paperwork, employment certifications and e-file—all for a small fee

See the following forms for additional information:

*Teacher Insurance & Annuity Association

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