Defined and Deferred Contribution Plans

Luther College utilizes TIAA for retirement planning. If you meet the eligibility requirements, the College will contribute to the defined contribution plan an amount equal to 5% of an employee's base salary as long as you contribute at least 3%. (Suspended for the 2020-21 fiscal year).

You may choose either pre-tax or after-tax (Roth) options for your contributions into the deferred contribution plan. To make changes to your employee contributions 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