Penn state university tax deferred annuity plan

All employees are eligible to make tax-deferred contributions to a 403(b) Voluntary Employee Retirement Savings Plan and/or a 457(b) deferred compensation plan. A Roth (post-tax) contribution option is available on both plans. Contributions to these supplemental retirement plans are in addition to and separate from contributions that are made to your mandatory Penn State retirement plan.

If you are participating in the Penn State Alternate Retirement plan with TIAA, no more than $69,000 can be contributed in total to Penn State Alternate Retirement and the Penn State Voluntary Employee Retirement Savings plans, or $76,500 if age 50 or older for 2024. This limit includes all contributions – both employer and employee, as well as elective and mandatory.

You may begin making voluntary contributions to a supplemental retirement plan at any time during the year. You also may change or stop your voluntary contributions at any time.

All questions regarding Penn State Supplemental Retirement Plans should be directed to TIAA at 1-800-842-2252, Mon through Fri, 8 am - 10 pm.

• Separation from service
• Age 59½
• Permanent and total disability
• Financial hardship as defined by IRS regulations - for example, a tuition payment, or to purchase primary residence
• Death of participant

• Separation from service
• Age 70½
• Retirement
• Unforeseeable emergency as defined by IRS regulations - for example, an unexpected illness or loss of property
• Death of participant

Loans are available to the extent permitted by the plans. Effective January 1, 2015 the following provisions apply to the loan policy:

• Only one new loan may be originated in a 12-month period
• No more than three loans originated after January 1, 2015, can be outstanding at one time
• Employees who default on a loan originated after January 1, 2015, will not be permitted to take additional loans from the plan(s). Defaulted loans taken before the effective date will not be affected.

Enrollment

1. Determine if you will contribute to the 403(b) Voluntary Employee Retirement Savings plan, a 457(b) deferred compensation plan, or both.
2. Complete an online enrollment form for the TIAA supplemental plans through the benefits and pay tab in Workday.
3. During your enrollment, you will be able to select how your contributions will be allocated among investment options. You will also be asked to select your beneficiaries.

To Manage Your Investments

You can change your investment selection at any time by logging into your TIAA account, or by phone at 800-842-2252.