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May 23, 2012

Retirement transition deadline approaches

The University’s retirement plan transition enrollment period is coming to a close. Update your investment allocations from the new investment menu by June 7 either online at www.tiaa-cref.org/rochester or by calling (800) 410-6497.

If you don’t make your selection, your investments will be defaulted into an age-appropriate Vanguard Target Retirement Fund.

You also need to update your beneficiary designation. If you have a new plan account with TIAA-CREF and do not designate a beneficiary, your beneficiary designation will default to “Estate.” However, you have the ability to change your beneficiary designation at any time. You can change your investment allocation for future contributions at  any time once the blackout period ends. Additional information regarding the blackout period can be found at www.rochester.edu/working/hr/benefits/retirement/Blackout_Notice.pdf.

Retirement plan changes include a new recordkeeping platform through TIAA-CREF, a streamlined menu of funds, and quick tools to help you make smarter investment decisions. The fundamental design of the plan remains the same—the University’s contribution formula (the amount funded to your plan each pay period) and eligibility requirements remain unaffected.

Learn more about the program at www.rochester.edu/benefits/retirement. There, you’ll find a schedule of information sessions, an interactive Flash presentation, and a recording of a recent retirement transition presentation.

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