TIAA Updates - New Features
Here's What's Happening
In early 2023, managing your Baylor 403(b) and 457(b) retirement plan contributions will become easier. In addition to managing your investments and beneficiaries at www.tiaa.org/baylor, you will be able to make any employee elective contribution changes online through your TIAA account. Beginning on February 20, 2023, any elections made for employee contributions to the Baylor Retirement Plan and Baylor 457(b) plan will be made directly through your online account at TIAA.
What does this mean for you?
- Streamlined experience. Update your contribution amounts, investments, and beneficiaries all in the same place.
- New auto-increase option. Choose if you want to automatically increase your voluntary contributions, when the increase takes place, and by how much.
IMPORTANT PLEASE READ: No action is required. Any current employee elections will be provided to TIAA therefore you do not need to make an election through your TIAA account unless you are wanting to make a change from your current election.
403(b) Elections Effective Dates
If elections for the 403b plan are submitted on or before the deadlines reflected on the following schedule, those election will be reflected on that pay periods paycheck. If it is made after the stated deadlines, it will be reflected on the following pay period. Please use the Salary Deferral Calendar below to plan for effective date(s) of your election(s).
Examples:
For Monthly Payroll - New election is made on March 2, 2023. This new election will be reflected on the monthly March 2023 payroll.
For Monthly Payroll - New election is made on March 20, 2023. This new election will be reflected on the monthly April 2023 payroll.
For Bi-weekly Payroll - New election is made on March 8, 2023. This new election will be reflected on the bi-weekly payroll paid on March 24, 2023.
For Bi-weekly Payroll - New election is made on March 29, 2023. This new election will be reflected on the bi-weekly payroll paid on April 21, 2023.
NOTE: There are no changes to the timing of when 457(b) elections are implemented. By IRS regulations, the earliest these can be implemented is the first of the next month which is how these rules have operated.
Planning for this Change
You will be able to make new 403(b) and 457(b) elections using the current online Salary Reduction Agreement form through February 19, 2023. Beginning February 20, 2023, any retirement plan elections will be made via your retirement account at www.tiaa.org/baylor.
For the monthly payroll, your elections will be implemented as follows:
- Elections received by February 15 will be reflected on the monthly February 2023 payroll.
- Elections made between February 16 - 19 will be reflected on your March paycheck.
For the biweekly payroll, your elections will be implemented as follows:
- Elections received by February 14 will be reflected on the bi-weekly payroll ending February 24, 2023.
- Elections received between February 15 - 28, will be reflected on the bi-weekly payroll paid on March 10.
Questions?
Call TIAA at 1.800.842.2252, weekdays, 7:00am to 9:00pm (CST). You can schedule a one-on-one financial counseling session on campus or at a local TIAA office at www.tiaa.org/schedulenow or by calling 1.800.732.8353.
