As we enter the final quarter of the year, it’s a great time to review a portion of your WVU total rewards package — your retirement savings.
Whether you’re just getting started or have been contributing for years, checking in on your retirement account can help ensure you’re on track to meet your long-term financial goals.
This month, let’s focus on your 401(a) retirement plan. WVU provides a 401(a) retirement plan through TIAA to all benefits-eligible employees, and the University matches your contribution of 6%.
You are 100% vested upon first contribution, meaning you immediately own the money from both your employee contribution and the employer match. While contributions are automatic via payroll deductions, maintaining your plan’s investment strategy is your responsibility.
Here is some helpful information for managing your account:
Review your investment options and portfolio
Your investment options are the individual funds available through TIAA, such as stock funds, bond funds or target-date funds. These options vary in terms of risk and return. Your portfolio is the overall mix of those investments.
The West Virginia Higher Education Policy Commission has selected the TIAA RetirePlus Select moderate model portfolios as the default investment option for the plan. This means that if you don’t actively choose your investments, your contributions are automatically directed into a diversified portfolio designed to balance financial risk and reward, based on your current age and projected retirement date. Over time, the TIAA RetirePlus Select model portfolios automatically rebalance your account to help keep you on track with your retirement goals.
Any time, you can log in to your TIAA account and personalize the selection of your model portfolio by answering a few questions about your investing style and updating your anticipated retirement date. You may choose the model portfolio risk level suggested for you or select from the other models shown.
Check your beneficiary designation
It’s easy to overlook, but keeping your beneficiary information up to date is essential.
A beneficiary is the person(s) you choose to receive your retirement plan benefits in the event of your death.
Life events such as marriage, divorce or the birth of a child may impact your preferences. You can update your beneficiaries directly through your TIAA account at any time. Watch this brief TIAA video to learn more about the importance of designating beneficiaries.
Consult with a TIAA Financial Advisor
If you would like personalized guidance, you can schedule a one-on-one consultation with a TIAA financial advisor at no additional cost.
Advisors can help you understand your investment options, build a portfolio that fits your goals and answer questions about retirement planning.
Appointments are available by phone or virtual meeting at your convenience.
To access your 401(a) account, visit www.tiaa.org and log in using your credentials. If you haven’t created an account yet, it only takes a few minutes to set one up.
Once logged in, you can view your account balance, recent contributions, performance history and update your investment options and beneficiaries.
Need help getting started? Check out this step-by-step guide on accessing your retirement details in TIAA.
Prefer to manage your account on the go? Download the TIAA mobile app.
We encourage you to take time to review your retirement account and take advantage of the resources available to you. Small steps today can make a big difference in your financial future.
Stay tuned for the next spotlight, where we’ll explore additional retirement savings opportunities.
WVU is here to support you. If you have questions about your benefits, contact Shared Services at SharedServices@mail.wvu.edu or 304-293-6006.