Select a retirement plan and begin the enrollment process. Contact your HR Benefits Office for additional information and assistance.
Keep in mind: To fund your account you may need to complete the required Salary Reduction Agreement form available through your HR Benefits Office.
Keep in mind: To fund your account you may need to complete the required Salary Reduction Agreement form available through your HR Benefits Office.
Keep in mind: To fund your account you may need to complete the required Salary Reduction Agreement form available through your HR Benefits Office.
Make a selection before beginning enrollment
Call TIAA at 800-842-2252
Plan informationNorthern Michigan University offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future.
Learn what plans allow eligible employees to do.
This plan allows eligible employees to:
You can invest into this plan right away.
Contributions to this account will be 100% vested immediately.
Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer that you are eligible to take a loan from. How much you can borrow may depend on the amount you currently have in the plan that is eligible for loans and whether you have other outstanding loans. If you have money in other employer's plans, you may be able to transfer or roll it over to the Northern Michigan University retirement plan to increase your maximum loan amount. This is only if the Northern Michigan University retirement plan accepts rollovers.
IMPORTANT: TIAA doesn't offer loans on Roth accumulations in 403(b)/401(k) plans. The maximum loan amount available to you is calculated based on the total accumulations in your contract, minus any Roth accumulations.
Prior to rolling over, consider your other options. You may also be able to leave money in your current plan, withdraw cash or roll over the money to an IRA. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment. Contact TIAA or your HR Office to verify details of your plan(s) in regards to loan availability and transfer/rollover loan eligibility.
Your employer will typically allow you to withdraw funds once you've reached 59.50 .
You can withdraw all or part of your account in a single cash payment, depending on your plan rules and the terms of your contracts.
If your plan allows, you can choose to receive regular income payments on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time.
When you leave your employer, you may be eligible to withdraw your retirement savings. Your plan may distribute your entire balance if the value does not exceed $2,000. Even if your plan doesn't allow cash distributions, you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (either $1,000 or $5,000).
You can withdraw elective deferrals and earnings from your retirement plan while employed by your institution but not working due to a disability.
If your plan permits, you can withdraw some of the money you've put in over the years (but not earnings) due to financial hardship, such as medical or funeral expenses, while still employed.
A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.
You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy).
You can receive the current interest earned on your TIAA Traditional Account in monthly payments. Your principal remains intact while you receive the interest.
In order to more easily transition into retirement, you may be able to withdraw up to 10%, in cash, of your lifetime annuity income. The amount you withdraw will reduce your lifetime annuity income accordingly.
If you need some of your retirement savings in cash, you can withdraw your TIAA Traditional Account balance through a Transfer Payout Annuity (TPA) under the terms of the contract. A lump-sum payment, subject to a surrender fee, may be available depending on your plan rules and the terms of your contract.
For more information about the terms of your individual contract, contact your plan sponsor or financial advisor.
Plan participants may consider purchasing service credits when they directly transfer from a Section 403(b) tax sheltered annuity or governmental 457(b) plan to a governmental defined benefit plan allows the purchase of "permissive service credits."
A permissive service credit is credit for a period of service recognized by a defined benefit governmental plan only if you voluntarily contribute to the plan an amount that does not exceed the amount necessary to fund the benefit attributable to the period of service and the amount contributed is in addition to the regular employee contribution, if any, under the plan.
A permissive service credit may also include service credit for up to 5 years where there is no performance of service, or service credited to provide an increased benefit for service credit which a participant is receiving under the plan.
When purchasing service credits, keep in mind:
Prior to rolling over, consider your options. You may be able to leave money in your current plan or withdraw cash. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment.
If you have had an IRS-defined "triggering event," and your plan allows withdrawals, you can roll over your accumulations to another retirement plan that will accept them or to an Individual Retirement Account (IRA).
You must begin taking minimum distributions from your IRAs and employer retirement plan accounts by your required beginning date (or retirement, if later for employer retirement plan accounts). For IRAs (other than Roth IRAs), your required beginning date is April 1 of the year following the calendar year in which you reach your RMD Applicable Age. For employer-sponsored retirement plans, your required beginning date is April 1 of the year following the calendar year in which you reach your RMD Applicable Age or retire from the plan sponsor, if later.
Your RMD Applicable Age was 70 ½ if you were born before 7/1/49; 72 if you were born on or after 7/1/49 or in 1950; 73 if you were born between 1951 and 1958; 75 if you were born in 1960 or later. If you were born in 1959, federal guidance is needed to determine if your RMD Applicable Age is 73 or 75.
If you're married, you may be required to get spousal consent to receive any distribution option other than a qualified joint and survivor annuity.
This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA contracts. Taxes and penalties may apply.
Understanding investment fees
Your financial well-being is TIAA's top priority and we are committed to helping you make informed decisions. Fees should be just one factor in your decision-making process since the lowest cost option may not be the best one for you.
Cost of plan services
Fees and expenses have always been part of a retirement savings plan-some fees are associated with the administration of the plan and may be covered by your employer, while others are paid by you based on the specific investments and services you choose. The following three categories of services are provided to your plan:
1. General record keeping and other plan services
Over the course of a year you pay for services like record keeping.
Many services are necessary for the day-to-day operation of your employer's retirement plan. General administrative services include recordkeeping, legal, accounting, consulting, investment advisory and other plan administration services. Some of these expenses are fixed and other expenses may vary from year to year. These costs are allocated to each participant in a uniform way.
A Services Fee is assessed to certain investments and deducted on a Quarterly basis. Details related to Plan Services Fees assessed to plan investments are listed in your Quarterly Investment Update Opens in a new window .
Your Plan provides credits to certain investments on a Quarterly basis, so that plan participants share equally in the cost of your Plan's record keeping and other plan services.
2. Specific investment services
You pay only for what you use.
Each investment offered within the plan charges a fee for managing the investment and for associated services. But you pay only for the investments you actually use and in proportion to the amount of your investment. These fees are not deducted directly from your account; they are paid indirectly through the investment's "expense ratio". The specific expense ratio for each plan designated investment option is listed in your Quarterly Investment Update Opens in a new window .
3. Personalized services
You can opt for extra features, like loan services.
Personalized services provide access to a number of plan features and investments that you pay for, only if you use them. The personalized services used most often are:
Retirement Plan Loans
$ 75.00 per loan initiated for general purpose
$ 125.00 per loan initiated for a residential loan
$ 25 annual loan maintenance fee per active loan, assessed Annually
Retirement Plan Portfolio Manager is an optional service for professional account management.
Retirement Plan Portfolio Manager provides investment advice on your retirement portfolio based on your goals and needs. This managed account is an optional service with professional oversight and a systematic, disciplined approach to managing your money.
For an annual fee of 25 basis points, which will be deducted from your account on a quarterly basis, your portfolio is reviewed and adjusted as needed to help keep it on track. Features include:
To learn more about the brokerage service including fees call 800-927-3059 or Get the Basics Opens in a new window .
Qualified Domestic Relations Orders (QDRO)
No additional charge
Sales charges, purchase, withdrawal and redemption fees for certain investments
Certain charges may apply. For additional information, see Quarterly Investment Update Opens in a new window .
More information about retirement plan fees and expenses is available at TIAA.org/fees.