Faculty & Staff are eligible for this plan immediately upon employment, if their base salary is $125,000 or more, or if they are a senior academic or administrative officer.
TIAA-CREF is the only provider available for the 457(b) plan. You can contact them at 1.800.842.2776.
Limits are imposed by the Internal Revenue Code regarding the maximum you may tax defer. For 2013, it is $17,500 regardless of age. You can change your contributions in each pay cycle.
How A 457(b) Plan Works
A 457(b) plan with TIAA-CREF allows eligible employee the opportunity to invest in a tax-deferred guaranteed annuity, variable annuities and mutual funds. The assets in the plan are owned by the employer, subject to claims of the employer’s creditors in the event of the employer’s bankruptcy. If eligible, contributions into the plan are automatically deducted from salary before a paycheck is distributed and prior to paying taxes on that income.
Wake Forest University provides a 60 day election period post severance of employment to make a decision of distribution or to postpone your final decision.
Loans are not permitted in this plan.