A 403(b) Plan is a tax sheltered retirement savings plan. Eligible employees (all KCC Employees, except Student Employees) can contribute pre-tax dollars to their plan, which are invested in either an annuity contract or custodial account (mutual fund).
Effective May 25th, 2018, TIAA will be the College vendor for 403(b) investment opportunities. The retirement plan will now allow for pre-tax contributions and post-tax (ROTH) contributions.
2018 Contribution Limits
403(b)/457(b) Elective Deferrals $18,500.00
Catch-Up Contribution $ 6,000.00
Combination Elective (above) and Employer contributions $55,000.00
Are you ready to start payroll contributions towards your personal retirement account?
1. Your first step will be to contact TIAA to establish your investment account.
Those participants who were contributing to a 403(b) investment prior to May 25th, 2018 will have an account created by TIAA.
2. You will then need to complete a TIAA Salary Reduction Agreement (SRA) to initiate your deductions.
The Salary Reduction Agreement Form is found on the TIAA website (www.TIAA.org/Kellogg) or here in PDF.
The current TIAA Investment line up for Kellogg Community College’s Retirement Plan can be viewed on the following link:
Once the Salary Reduction Agreement has been submitted to Human Resources, the contributions will be processed. Please allow for a two week window for processing.
3. Changes can be processed throughout the year by submitting a new SRA once your account has been established.
Loans can be processed with the TIAA via online services or by their customer service number, 800-842-2252.
Many additional videos and services are available on the TIAA website. To schedule a one-on-one advice session with a TIAA Advisor, please call 800-732-8353 or schedule on line at www.TIAA.org/schedulenow.