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", 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"
- Enter the appropriate start date in "Effective Date"
- 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