RETIREMENT PLAN CHANGES

TO:  Faculty and Staff

FROM: Jim Stephens, Director, Human Resource Services

SUBJECT: Retirement Plan Changes

DATE: December 16, 2002

This is a reminder of several enhancements to the various higher education retirement programs that will be effective January 1, 2003.  The West Virginia Higher Education Policy Commission approved these changes based upon a feasibility study conducted by a statewide committee of faculty, classified employees, human resources administrators, and chief financial officers.  The Policy Commission approved these changes with the addition of a 457(b) plan in October 2002 and the following additional changes for 2003.

Currently most eligible higher education employees participate in a 401(a) defined contribution retirement plan.  Two voluntary retirement programs are available in the form of a 403(b) tax-sheltered annuity plan and 457(b) deferred compensation plan.  There are two major changes which will be effective January 1, 2003.  First is the addition of Great West/Educator$Money as a vendor for all three plans.  Great West will join TIAA-CREF in providing the plans, and will provide employees with a vendor alternative as well as investment alternatives.  The second is the addition by TIAA-CREF of several additional investment fund alternatives that will be available under all three retirement programs.

The new vendor and expanded investment funds will be available January 1, 2003.  Employees may change carriers or enroll in any of the three plans upon written notice.  Enrollment forms will be available for download prior to January 1, 2003.  ALL FORMS FOR MARSHALL UNIVERSITY ENROLLMENTS/CHANGES MUST BE PROCESSED THROUGH HUMAN RESOURCE SERVICES.  THOSE FORMS ARE NOT TO BE SENT DIRECTLY TO THE VENDOR.  An informational brochure from Great West/Educator$Money can be viewed/printed by clicking HERE.  An informational brochure from TIAA-CREF can be viewed/printed by clicking HERE.

If you need information or a packet of enrollment materials, please contact Katharine Coffey in Human Resource Services, 696.2595, 207 Old Main.  We encourage you to further investigate these retirement options as a method to enhance your retirement and tax planning.  Look for upcoming announcements of seminars which will be held at all campus locations in January – March.

[GO TO THE BENEFITS HOME PAGE] [GO TO THE HUMAN RESOURCE SERVICES HOME PAGE]

Published 12/16/02. This page edited by Jim Stephens, 304.696.3983, jstephen@marshall.edu