Retirement Social Security Workshop Social Security 101 – Everything you wanted to know. Meeting will be virtual however, you must register to attend. Every employee dreams of a secure, enjoyable retirement. Planning ahead financially can help you achieve your goals. Employees can build and protect their futures financial security by taking advantage of the opportunities available through Marshall University’s retirement programs. Experts estimate that individuals will need at least 70% of their annual income for each year of retirement. To build enough protection for your financial security, it is important to save as much as you can consistently over time!” Contact a Benefits representative: by phone at 304-696-6455, (Main HR number) or by email at firstname.lastname@example.org. Teachers Insurance and Annuity Association Teachers Insurance and Annuity Association is a major financial services organization with a longstanding reputation for service and value. This nationwide retirement system for people working at education, research, and healthcare institutions offers high quality investment management at expense levels that are among the lowest in the insurance and mutual fund industries. *Some current employees have been grandfathered into the State Teachers Retirement program. However, it is no longer an option for new employees. Who is Eligible Full-time benefits eligible employees which are defined as below must participate in the mandated retirement plan (401(a)) 9 month faculty: working a minimum of nine months of a twelve-month period on continuous basis 12 month faculty/Staff: working at least 1,040 hours (.53 Full-Time Equivalent [FTE]) per year on a continuing basis Non-tenure track faculty who are hired in a full-time position but who work as a temporary for one academic year or one semester All benefit eligible employees also have a retirement program (mentioned below) available through TIAA Any employee of Marshall University is eligible to contribute into the 403(b) Retirement Savings plan offered by TIAA . Contributions Employee Contribution – Employees must contribute 6% of their gross salary to the retirement plan of their choice. Contributions begin on the date of employment and are vested 100% immediately. Employees may allocate monthly contributions to a variety of investment options available in their plan of choice. University Contribution – The University will match the employees 6% of their gross salary. Contribution Limits – According to the IRS, there are limits to how much employers and employees can contribute to a plan (or IRA) each year. The plan must specifically state that contributions or benefits cannot exceed certain limits. The limits differ depending on the type of plan.Voluntary Retirement ProgramsAdditionally, both retirement plans have two voluntary retirement programs available in the form of a 403(b) tax-sheltered annuity plan and a 457(b) deferred compensation plan. Deductions may begin or end at any time. These two plans are optional to the required 6% contribution by the employee and are NOT matched by the institution.Retirement ChecklistTo plan your retirement, please follow our Retirement Checklist. The list will provide you with the resources you need and the time-frame for your process.How to Enroll The enrollment process will take place during your Benefits Enrollment Session which is scheduled upon employment. You should have completed a Vendor Selection Form during your Benefits Enrollment Session to select your plan of choice. Enrolling in TIAA:Paper Form Enrollment – You will complete the paper enrollment form and submit it to the Benefits Coordinator during your benefits session. Online Enrollment – You will go to their website at https://www.tiaa.org/public/tcm/marshall/home. There you can see all the options available for the university. You will follow the screen as instructed.Emeritus Status Emeritus Status is potentially available to faculty, nonclassified, and classified who meet the requirements set forth in policy. Emeritus status must be requested by your Dean, Director, or Vice President and approved by the President. Once approved, Human Resource Services will generate the information needed to generate the Emeritus ID Card and any other entitlements. Emeritus Request Form Emeritus PolicyIRS Resources Retirement Planning: Saving for retirement When you retire Types of Retirement Plans Contributions and Withdraws: Contribution limits 2018 IRS Limits for SRA Required minimum distributions (RMD) Retirement Services Roll-In and Roll-Over Services IRS Contact Information: Contact your local IRS office. IRS Office Huntington, WV 845 5th Ave, Huntington, WV 25701 Phone: (681) 203-2120 Social Security Resources A federal program that provides retirement income, disability benefits, and health care for people 65 and older. For every dollar withheld from an employee’s pay check, the University contributes an equal amount. Detailed information about particular benefits can be obtained by contacting the Social Security Office. Applying for Retirement Benefits Benefit Calculators Planning for Retirement Retirement Toolkit Social Security Contact Information: Phone – 1-800-772-1213 between 7 a.m. and 7 p.m. Monday through Friday. TTY 1-800-325-0778) Automated Service – 1-800-772-1213 Email – https://faq.ssa.gov/ics/support/ticketnewwizard.asp?style=classic Local Office – https://secure.ssa.gov/ICON/main.jsp Mail – Social Security Administration Office of Public Inquiries 1100 West High Rise 6401 Security Blvd. Baltimore, MD 21235 TIAA Resources One-on-One Counselling Sessions On-Line Financial Education Web Seminars Medicare Fundamentals: A guide to planning for healthcare in retirement Planning Retirement at Different stages Roth 403(b)Contributions: A New Way to Save for Retirement Roth Announcement from the HEPC TIAA Log In TIAA Web Center TIAA Contact Information: Phone – 800-842-2252 Weekday from 8 a.m. to 10 p.m. (ET) and Saturday from 9 a.m. to 6 p.m. (ET).