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 contributions from the Defined Contribution Plan provided they have attained age 21.
If you were previously employed at another higher educational institution or non-profit research organization for two (2) years (1,000 hours per year) immediately preceding employment at Wake Forest University, please complete the Prior Service Credit Form and submit it to Human Resources, so we can determine if you are immediately eligible for Wake Forest’s Defined Contributions.
Wake Forest University will contribute to Faculty and Staff retirement plans as follows:
- 5% of regular salary for the 3-5 years of service
- 7.5% of regular salary for the 6-10 years of service
- 10% of regular salary beginning the 11 year of service and the remainder of employment at WFU
Wake Forest offers 3 retirement providers to choose from. You may choose only one provider for your Defined Contribution Retirement Plan, however, you may change providers at any time.
- TIAA-CREF Website
- TIAA-CREF Qualified Default Investment Alternative
- TIAA-CREF Defined Contribution Fund Performance report
- TIAA-CREF Online Enrollment Instructions
- Vanguard Website
- Vanguard Qualified Default Investment Alternative
- Vanguard Defined Contribution Fund Performance Report
- Vanguard Online Enrollment Instructions
- Fidelity Website
- Fidelity Qualified Default Investment Alternative
- Fidelity Defined Contribution Fund Performance Report
- Fidelity Consultation Information
- Fidelity Online Enrollment Instructions
Withdrawals from Wake Forest University contributions are permitted under the following circumstances:
- Participant is at least age 62 with 10 years of service with Wake Forest
- Participant is at least age 65 with 5 years of service with Wake Forest
- Participant has either terminated or retired from the University
Loans are permitted from the Wake Forest University Defined Contribution Retirement Plan under the following circumstances:
- can only be used if the member is not eligible to take a Tax Deferred Annuity loan from their personal retirement contributions
- must meet the hardship loan requirements and provide appropriate documentation
- cannot have previously defaulted on a loan with Wake Forest
- account balance must be $2,222.22 in TIAA-CREF or $2,000 in Fidelity or Vanguard
- must be an active faculty or staff member
- minimum loan is $1,000 and maximum is $50,000
- loan request can only be half of what is in your account, up to $50,000
- can only have one loan from the Defined Contribution Retirement Account at a time
- must repay the loan back within 60 months
To better serve you and to make the most of your time, please schedule an appointment with a Benefits Counselor to discuss your options at 336.758.4700.
Individual retirement planning consultations provide assistance for Faculty and Staff who are currently participating or interested in Fidelity, TIAA-CREF, and Vanguard. You may visit the Professional Development Center for dates and times.