HR reminding employees about retirement plan regulations
The Office of Human Resources is reminding employees who work at least 1,000 hours per year that they may be eligible to make pre-tax contributions into a supplemental retirement plan.
Eligible employees can start contributions at any time by completing a salary reduction agreement and opening a retirement choice plus account with TIAA-CREF, the University’s retirement plan provider.
Faculty and staff who are already contributing to a retirement plan can change their contribution at any time by completing a new salary reduction agreement. Per IRS guidelines, the maximum amount an individual can contribute for the calendar year 2013 is $17,500.
This amount may be increased:
- By $5,500 for employees aged 50 or older
- By up to $3,000 for employees with 15 or more years of service with the University who have contributed, on average, less than $5,000 per year (lifetime maximum of $15,000)
To begin or change a retirement contribution, employees should obtain a salary reduction form, available online in the My Salve document library or by calling Claudia Cavallaro, associate director for human resources and benefits, at (401) 341-2332.
For additional plan information, or to change their asset allocation, employees should contact TIAA-CREF at (800) 842-2776 or www.tiaa-cref.org/salve.
Plan representatives are on campus periodically to meet with employees on an individual basis. Allen Waters, Salve Regina’s TIAA-CREF retirement consultant, will be on campus Tuesday, Dec. 4. To schedule an appointment with Waters, call (800) 732-8353.