Wake Forest offers multiple ways for faculty and staff to plan for their financial future through TIAA, our sole Retirement Service Administrator.
- Wake Forest Contributions: Provides faculty and staff with Wake Forest contributions after meeting eligibility criteria.
- Faculty and Staff Contributions: Provides faculty and staff an opportunity to set aside money from their pay on a pre and/or post-tax basis immediately upon employment.
Wake Forest Contributions
Faculty and staff who work at least 1,000 hours per year for two (2) years without a break in service may be eligible to receive Wake Forest contributions provided they have attained age 21.
Wake Forest will contribute to the retirement plan as follows:
- 0% of regular salary, if less than or equal to 2 years of service
- 5% of regular salary, if greater than 2, but less than or equal to 5 years of service
- 7.5% of regular salary, if greater than 5, but less than or equal to 10 years of service
- 10% of regular salary, if greater than 10 years of service
Prior Service Credit
Faculty and staff employed at another higher educational institution or nonprofit research organization for two (2) years immediately preceding employment at Wake Forest University (1,000 hours per year) may be eligible for employer contributions without a waiting period.
Faculty and staff employed at a museum for two (2) years immediately preceding employment at Reynolda House (1,000 hours per year) may be eligible for employer contributions without a waiting period.
If you have any questions about prior service credit, contact Human Resources at 336.758.4700 or AskHR@wfu.edu.
Faculty and Staff Contributions
Faculty and staff may set aside money from their pay on a pre and/or a post-tax basis immediately upon employment. Post-tax contributions are only available with the Roth Option.
Limits on voluntary contributions are imposed by the Internal Revenue Service (IRS) annually. For 2016, it is $18,000 for those under age 50 and $24,000 if over age 50. Contributions may be changed in each pay cycle.
Retirement Advice Sessions
Retirement Plan Committee
Wake Forest University established a Retirement Plan Committee and Charter in December 2013. The primary purpose of this committee is to oversee the Retirement Plan’s investment portfolio and service providers. The committee also has general responsibility and oversight for the administration and compliance of the Plan.
- Mark Welker, Chair
- Carmen Canales
- James Cotter
- Michelle Gilespie
- Brandon Gilliland
- Jennifer Killingsworth
- Hof Milam