As part of the Total Rewards package, the University of Rochester offers different retirement programs to eligible employees.
Plans and Eligibility
403(b) Retirement Program
The University’s 403(b) Retirement Program helps you meet your retirement goals in two ways:
- By providing a base of financial security through the Direct Contribution that the University makes on your behalf, and
- By making it possible for you to save additional amounts on a tax-advantaged basis (Voluntary Contributions).
Deferred Compensation 457(b) Plan
The Deferred Compensation 457(b) Plan allows eligible participants (faculty members and senior staff members at the 59, 98, and 99 pay grade) to accumulate tax-deferred savings for retirement or other financial needs beyond the limits of the 403(b) Retirement Program. With this plan you can:
- Save more of what you earn on a pre-tax basis.
- Defer taxes until you take the money out.
- Choose how contributions are invested.
The University Direct Contribution has been fully reinstated for the plan year beginning July 1, 2021. The University Direct Contribution is 6.2% of your Eligible Compensation up to $63,100, then 10.5% of your Eligible Compensation in excess of the breakpoint up to the IRS Limit ($290,000).
TIAA is the financial company responsible for keeping the records and accounts of the Retirement Program and its participants. TIAA can help you enroll in and manage your participation in the program. Visit the TIAA website to:
- Change your contributions, investments, and beneficiaries
- View investment information
- Explore online retirement planning tools
- Access advice/guidance
For more specific instructions, visit our Enroll or Make Changes page.
Get support from TIAA
TIAA Customer Service:
Phone: (800) 410-6497
Hours: Monday – Friday, 8 a.m–10 p.m. (ET)
Schedule a one-on-one appointment: TIAA can provide you with personalized advice through a one-on-one consultation. Visit the TIAA website to schedule your appointment at no cost.
We’ve compiled a list of retirement tools, videos, and resources below.
- Andy interactive retirement program tool: Not supported by IE 8 and older.
- Video: 403(b) Retirement Program Eligibility Overview: Review the eligibility components of the Retirement Program.
- Get a head start: Learn about the 403(b) Retirement Program and the importance of saving for retirement.
- TIAA tools & calculators: TIAA’s online tools can help you answer many important financial questions such as how to create a budget and how to calculate your needs for retirement.
- TIAA educational webinars: On-demand and live webinars on topics ranging from “Investing in Your Future” to “Living in Retirement”.
- Creating a plan to stay on track webinar: Learn about the tools and resources available to help you plan for your future. The TIAA webinar will advise on how to take full advantage of the retirement plans sponsored by the University of Rochester, consider other retirement savings channels, and additional tax-advantaged savings accounts. **To access the webinar, please fill in the required information under “Register Now”.