Defined Contribution Plan

Luther College utilizes TIAA for retirement planning. If you meet the eligibility requirements, the College will contribute an amount equal to 5% of an employee's base salary as long as you contribute at least 3%. You may choose either pre-tax or after-tax (Roth) options.

To make changes you may either call TIAA at 800-842-2776 or use the TIAA PlanFocus link.  Directions follow:

• Sign in at the upper right hand of the screen. If this is your first time using the website you will need to create a user name and password.
• Once logged in, click on "Actions"
• On the next page, under the column called "Retirement Plans", click on "Change Contribution Amount"
• Click on "Manage My Contributions"
• Click on "Manage Elections"
• Enter the percentages you want to have deducted. If you want to divide your contribution between pre-tax and after-tax (Roth), click on the link "Split this amount between pre-tax and Roth"
• Click on "Continue"
• Verify that you have entered your changes correctly
• Click on "Confirm Elections"

Examples of Information on the TIAA website:

Make the most of your employer match to save for retirement