All Faculty and Staff are eligible to contribute pre-tax dollars to the Tax Deferred Annuity Plan immediately upon employment and can choose one or multiple providers when investing their own contributions.
Voluntary contributions – Limits are imposed by the Internal Revenue Code regarding the maximum amount one can defer. For 2013, it is $17,500 for those under age 50 and $23,000 if over age 50. Contributions can be changed in each pay cycle.
Wake Forest offers 3 retirement providers to choose from. You may choose one or multiple providers.
- Fidelity Website
- Fidelity Qualified Default Investment Alternative
- Fidelity Consultation Information
- TIAA-CREF Website
- TIAA-CREF Qualifed Default Investment Alternative
- Vanguard Website
- Vanguard Qualified Default Investment Alternative
Withdrawals from your Tax Deferred Annuity Plan contributions are permitted under the following circumstances:
- Participant is at least age 59.5
- Participant has either terminated or retired from the University
Loans are permitted from the Tax Deferred Annuity Plan under the following circumstances:
- cannot have previously defaulted on a loan with Wake Forest
- must be an active faculty or staff member
- minimum loan is $1,000 and maximum is $50,000
- must have an account balance in employee contributions of 2,222.22 in TIAA-CREF or $2,000 in Fidelity or Vanguard
- loan request can only be half of what is in your account, up to $50,000
- can only have one loan from the Tax Deferred Annuity Account at a time
- must repay the loan back within 60 months
To better serve you and make the most of your time, please schedule an appointment with a Benefits Counselor to discuss your options at 336.758.4700.