This web page is about the Wake Forest University 403(b) Retirement Plan. See Prospective Retirees for information about retiring from the University.
The 403(b) Retirement Plan offers multiple ways to plan for your financial future. You have access to a menu of investments, consisting of best-in-class mutual funds and annuity options. Additionally, a self-directed brokerage account provides access to thousands of mutual funds not included in this investment menu.
Retirement Service Administrator
5% of regular salary, if greater than two, but less than or equal to five years of service.
7.5% of regular salary, if greater than five, but less than or equal to 10 years of service.
10% of regular salary, if greater than 10 years of service.
Set aside money on a pre- or post-tax (Roth) basis immediately upon employment.
Enrolling or Making Changes
Upon your employment, you will be automatically enrolled in the Wake Forest University 403(b) Retirement Plan, enabling you to contribute on a pre-tax basis. You will be enrolled with a default contribution amount of 5% of your eligible compensation. If you prefer to opt-out of participating in the Plan or change your contribution amount, visit the Retirement Service Administrator’s website or call (800) 842-2776. You will receive information about how your contributions will be invested from the Retirement Service Administrator. Please ensure you’ve completed all onboarding tasks in Workday as missing, late, or incorrect information may delay the auto-enrollment process.
No contributions will be made if you opt-out within 30 days of your hire date or within 30 days of when all onboarding tasks have been completed in Workday. If you opt-out after 30 days, the update will apply to the next payroll and any existing contributions will remain in your Retirement Plan account.
To enroll at a later date or make changes to your Retirement Plan Account:
- Visit the TIAA website and click “Enroll Now.” Follow the instructions on your screen. You may also contact a TIAA Financial Consultant at (800) 842-2776 to enroll or schedule a free one-on-one advice session.
- Select your investments and establish beneficiaries.
- If you meet prior service credit criteria, the two year waiting period for employer contributions may be waived. If eligible, you will receive a retirement packet from TIAA. Log into Workday to submit any prior service credit.
- You may change contributions in each pay cycle by visiting the TIAA website, clicking “Manage My Contributions,” and following the instructions on your screen.
2023 Benefits Guidebook
The 2023 Benefits Guidebook for Faculty and Staff outlines benefits specific to the Jan. 1 through Dec. 31, 2023 plan year. The information included in the guidebook is intended as a benefit summary only.
Wake Forest University Human Resources
2598 Reynolda Rd, Winston-Salem, NC 27106 | P.O. Box 7424
AskHR@wfu.edu | P (336) 758-4700 | F (336) 758-6127
Se habla español.