403(b) Retirement Plan Auto-Enrollment

Wake is committed to your financial wellbeing, and will conduct a one-time auto-enrollment for faculty or staff members who have not previously contributed to the Retirement Plan through TIAA. Beginning July 1, 2017, those individuals will be enrolled at a pre-tax contribution rate of 5% of salary. The first contribution will be effective August 18 for those paid biweekly and August 31 for those paid monthly. Alternatively, individuals may:

  • Increase or decrease the 5% contribution rate. This change will be applied with the next payroll, unless you indicate another effective date.
  • Opt out July 1-30. If you opt out during this 30-day window, a contribution will not be deducted. You may stop contributing after this window, but existing contributions will remain in your account; your cancellation will be effective with the next payroll.

Here’s how:

Beginning July 1, you may make changes or opt out by:

  • Calling TIAA at 800.842.2252; consultants are available Monday through Friday, 8:00 a.m. to 10:00 p.m. (ET), and Saturday, 9:00 a.m. to 6:00 p.m. (ET).
  • Logging into tiaa.org/wfu and completing the salary deferral agreement.

Completing the process online:

  1. After visiting tiaa.org/wfu, click “Log in” in the top right corner of the screen; enter your User ID and Password or click “Register for online access.”
  2. Follow the prompts.
  3. Access My Account » Manage My Contributions » Manage Contributions.
  4. Enter your contribution election and effective date, or click “Cancel Automatic Enrollment,” and click “Continue.”

A Vanguard Target Date Fund will be the default investment unless you elect another option when you call TIAA or visit their website.

Resources:

We invite you to register for one of these TIAA offerings:

Onsite Retirement Information Booths (July 10-12)

TIAA will answer questions about retirement planning.

  • July 10
    • 9:00 – 11:00 a.m.: Facilities OS1 Training Room*
    • 9:00 – 11:00 a.m.: UCC 2003
    • 1:00 – 3:00 p.m.: Facilities OS1 Training Room*
    • 1:00 – 3:00 p.m.: Reynolda House Auditorium
  • July 11
    • 9:00 – 11:00 a.m.: Alumni Hall 166*
    • 9:00 – 11:00 a.m.: Reynolda Hall Green Room
    • 1:00 – 4:00 p.m.: Alumni Hall 166*
    • 1:00 – 3:00 p.m.: UCC 2003
  • July 12
    • 9:00 – 11:00 a.m.: UCC 2003
    • 9:00 – 11:00 a.m.: Reynolda Hall Green Room*
    • 1:00 – 3:00 p.m.: Graylyn Butler Room
    • 1:00 – 3:00 p.m.: Facilities OS1 Training Room*

*Spanish service available.

One-on-One Advice Sessions (July 10-12)

Visit the TIAA website or call 800.842.2776 to schedule a 30-minute financial consultation, at no cost to you, during the following timeframes:

  • July 10
    • 9:00 – 11:00 a.m.: Facilities 102F-HS Moore Building
    • 1:00 – 3:00 p.m.: Benson 349
    • 3:30 – 4:30 p.m.: Reynolda House Library
  • July 11
    • 9:00 – 11:00 a.m.: Alumni Hall 107
    • 1:00 – 4:00 p.m.: UCC-FAS Conference Room
  • July 12
    • 9:00 – 11:00 a.m.: Reynolda Hall Heritage Room
    • 1:00 – 4:00 p.m.: Graylyn Reception Room

Women-at-Work Workshop (July 25)

July 25, 1:00 – 2:30 p.m.: Benson 401 

(Registration is requiredRegister online or by calling 800.732.8353.)

Women may face the following unique challenges when it comes to retirement and financial wellbeing:

  • Women tend to live longer.
  • Women tend to contribute less and start contributing closer to retirement.
  • On average, women spend 11 years out of the workforce.
  • Women are typically responsible for the majority of caregiving responsibilities.
  • More than 50% of women are heads of households.
  • 50% of women, on average, will become widows by the age of 65.

These challenges often lead to playing catch-up on retirement savings. This workshop, offered at no cost to you by Human Resources and the Women’s Center, will help you take control of your financial future by:

  • Learning the core concepts that guide investing.
  • Determining your financial goals and building an action plan.
  • Finding ways to take on life’s curveballs without damaging your financial wellbeing.
  • Discover your Financial Personality Type.

Letters to impacted faculty and staff were mailed to the home residence on May 1, 2017. The current electronic copy of the Wake Forest University Retirement Plan Summary Plan Description is available, or you may request a copy by contacting Human Resources at AskHR@wfu.edu or 336.758.4700.