Managing Your Retirement Savings Just Got Easier With Auto Save and Online Salary Deferral
Auto Save Option: This feature allows your (employee) contributions to the college’s 403(b) retirement plan to automatically be increased by 1% each year around your anniversary date without you having to do anything. The automatic increase will only occur if you are making elective deferrals to the supplemental Tax Deferred Annuity Account (TDA) and are not contributing 15% or more of your salary to that account. All employees who currently meet these eligibility criteria have been automatically opted-in to the Auto Save program and were sent a communication this week from TIAA confirming the enrollment.
Of course, you may opt-out of this feature at any time by logging in to your TIAA account at TIAA.org/Ithaca. If you do not already have an active online account, you will need to register for online access. Once you are logged in, go to [My Account] > [Manage Contributions] and set your contribution for the elective deferral account to zero. Be sure to select [No] when asked if you would like your contribution to increase automatically.
Online Salary Deferral Option: This added feature allows you to make changes to your retirement plan contributions online at TIAA.org/Ithaca. If you do not already have an active online account, you will need to register for online access. Once you are logged in, go to [My Account] and then [Manage Contributions] to set your contribution rate. This means that the submission of a paper salary deferral form will no longer be necessary. You’ll be able to set your contribution rate as a percentage of your salary, up to the IRS limits. The plan's new Online Salary Deferral feature will allow you to make changes to your contributions and any other updates to your account—all from one place.
If you have any questions or need assistance with the online system, please call 1-800-842-2252. Consultants are available Monday to Friday, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET).
Ithaca College is committed to providing the resources you need to plan for the future you deserve.
https://www.ithaca.edu/intercom/article.php/20180227175149953