Wittenberg University sponsors a Retirement Annuity through TIAA-CREF*. This is a voluntary plan available to help faculty and staff members supplement their retirement income. Upon completing one year of employment, eligible faculty and staff will be automatically enrolled in the plan which defers a portion of his or her earnings on a pre-tax basis to this plan allowed by Section 403 (b) of the Internal Revenue Code. Wittenberg will waive the one year eligibility period for new employees who have been enrolled in a 403 (b) plan at a previous employer or who have served a one year waiting period for a 403 (b) plan. Currently, participating employees must contribute 5 percent of his or her gross pay, and the university will contribute 10 percent on behalf of the employee. The employee is fully vested at enrollment. The employee has the right to change or revoke the automatic deferral election at any time.
The plan does not provide a loan feature; however, "hardship provisions" are available for specific emergency situations. There is a tax penalty on funds withdrawn before the member reaches age 59 ½.
A Supplemental Retirement Annuity (SRA) is available for employees who would like to contribute additional amounts or for employees who are not yet eligible to participate in the Retirement Annuity. The SRA does have a loan feature and funds are available for distribution at age 59 ½ whether or not you are still employed.
Please go to Wittenberg's TIAA-CREF micorsite to enroll, manage your account information or to review general information about Wittenberg's defined contribution plan:
*Teacher Insurance & Annuity Association/College Retirement Equities Fund