Retirement Plans - TIAA
Announcing updates to the Oberlin College retirement plans beginning in April 2024
Oberlin College continues to review the institution's TIAA retirement plans to identify new ways to assist our Faculty and Staff to plan for their retirement.
Beginning in April 2024, there will be some important updates to the existing TIAA retirement plans. These updates include two new enhancements that will help in retirement planning. Additionally, Oberlin will begin offering another way to save for retirement through a new after-tax Roth option.
If you have any questions, please consult with TIAA at (800) 842-2252 or contact Janet Leonard, HR Senior Plan Administrator at jleonard@oberlin.edu.
Oberlin offers two retirement plans with TIAA, both are 403(b), tax-advantaged plans
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Defined Contribution Retirement Annuity (RA)
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Supplemental Retirement Account Annuity (SRA)
Retirement Annuity (RA)
Oberlin will make pre-tax employer contributions after one-year of service and attaining age 26 into the RA plan. Contributions from Oberlin are automatic and do not depend on any employee contribution. Contributions from Oberlin are based on age.
Faculty / A&PS / UAW / Security / OCOPE
- Age 26-34 5%
- Age 35-44 8%
- Age 45-54 10% on the first $100,000 of salary; 8% on salary above $100,000
- Age 55 + 12% on the first $100,000 of salary; 8% on salary above $100,000
Supplemental Retirement Annuity (SRA)
Employees are eligible to participate in the SRA upon hire. Contributions are made on a pre-tax basis from one’s paycheck.
Enrollment is done online using the instructions linked here.
You can also contact Oberlin’s TIAA representative, Don Denault, at ddenault@tiaa.org for assistance in enrollment. See below on how to schedule an appointment.
For 2024, the annual IRS contribution limits for an individual are:
- Age 50 or less in 2024 $23,000
- Age 50 or more in 2024 $30,500
Summary Plan Description (SPD)
Summary Annual Reports - This gives notice of the annual report summarizing each benefit plan subject to ERISA.
Don Denault, financial consultant from TIAA, is here to help with your retirement and financial needs, offer advice and answer questions. A mix of virtual and in-person appointments are available on the following dates:
- November 8, 2023 (In Person)
- November 14, 2023 (In Person)
- December 5, 2023 (In Person)
- December 13. 2023 (Zoom)
- February 7, 2024 (In Person)
- February 22, 2024 (In Person)
- March 7, 2024 (In Person)
- March 19, 2024 (In Person)
- April 17, 2024 (In Person)
- April 24, 2024 (In Person)
- May 15, 2024 (In Person)
- May 23, 2024 (In Person)
- June 11, 2024 (In Person)
- June 26, 2024 (In Person)
To schedule an appointment online go to: www.tiaa.org/schedulenow
Select the option for Your Employer click on schedule, then select Ohio, then Oberlin College. Available appointment times will populate.
Call to schedule an appointment (800) 732-8353 8 a.m. to 8 p.m., Monday through Friday
Attend live webinars to help boost your financial know-how.
You can find webinar times and register for upcoming sessions at TIAA.org/webinars