Eligibility

All employees are eligible to make tax-deferred contributions to both a 403(b) tax-deferred annuity plan and/or a 457(b) deferred compensation plan. Contributions to these plans are in addition to and separate from contributions that are made to your Penn State retirement plan.  

You may begin making voluntary contributions to a supplemental retirement plan at any time during the year. You also may change or stop your voluntary contributions at any time.

All questions regarding the Penn State TIAA-CREF Retirement and/or Supplemental Retirement plans should be directed to TIAA-CREF at 1-800-842-2252, Mon through Fri, 8 am - 10pm and Sat from 9 am - 6pm.

Local Office – State College     (814) 278-5000
                                              328 Innovation Boulevard
                                              Suite 301
                                              State College, PA 16803

Investment Options
Provision403(b) Tax-Deferred Annuity457(b) Deferred Compensation
Investment Company

TIAA-CREF

TIAA-CREF

Contribution Limits Annual salary reduction contributions are limited to
$17,500 in 2014
Annual salary reduction contributions are limited to
$17,500 in 2014
Age 50 Catch-up Provision If you are age 50 or older, you may contribute an additional $5,500 above the maximum annual deferral amount. This amount may be adjusted for inflation
Distributions Distributions must meet a qualifying event:
  • Separation from service
  • Age 59½
  • Permanent and total disability
  • Financial hardship as defined by IRS regulations - for example, a tuition payment, or to purchase primary residence
  • Death of participant
Distribution must meet a qualifying event:
  • Separation from service
  • Age 70½
  • Retirement
  • Unforeseeable emergency as defined by IRS regulations - for example, an unexpected illness or loss of property
  • Death of participant
Rollovers Rollovers are allowed if the guidelines of a qualifying event are met. Employer approval may be required. Rollovers are allowed from a governmental plan if the guidelines of a qualifying event are met. Employer approval may be required.
Additional Catch-up Provision

(Cannot be used with the Age 50 and Over Catch-up Provision)

"3 Year Rule": An additional amount up to $12,000* may be available if you have not deferred in previous years when you were eligible for a 457(b) Plan. This provision may be used only in the three years before you attain normal retirement age.
Loans Loans are available to the extent provided by the annuity contract or custodial account.
Withdrawals While Employed at Penn State

(Considered only when an employee has no other resources, including Plan Loans)
Withdrawals can be made any time after age 59½ or in the event of a Qualified Financial Hardship: Unreimbursed medical expenses, purchase of a primary residence, tuition expenses, funeral expenses, or prevention of a foreclosure or eviction. Withdrawals can be made any time after age 70½ or in the event of unforeseen emergencies: unreimbursed medical expenses, casualty loss, sudden and unforeseeable emergency, funeral expenses, or prevention of a foreclosure or eviction.

Enrollment

  1. Determine if you will contribute to a 403(b) tax-deferred annuity, a 457(b) deferred compensation plan, or both.
  2. Complete an enrollment form.
  3. TIAA-CREF Group Supplemental Retirement Annuity and TIAA-CREF Deferred Compensation applications are available for online enrollment.

  4. Regardless of which option you choose, you must complete a Voluntary Salary Reduction Agreement indicating the amount of your contribution from each pay.
  5. During your enrollment, you will be able to select how your contributions will be allocated among investment options.  You will also be asked to select your beneficiaries.  

Managing Your Contributions/Investments

To Change Your Contributions

Complete a new Voluntary Salary Reduction Agreement indicating the amount of your new contribution from each pay.

To Manage Your Investments

You can change your investment selection at any time by logging into your TIAA-CREF account, or by phone at 800-842-2252.