Basic Contribution

The Basic Contribution refers to an amount, between 3% and 8% that a participant may contribute of their monthly base salary. The Basic Contribution is matched by the University.

Subject to IRS regulations, the Basic Contribution may be processed as:

• Deferred from federal income taxation;
• Partially deferred with a portion being on a Roth after-tax basis;
• Or not deferred with the entire amount being on a Roth basis or after-tax basis. 

Learn more about the Roth 403(b) Option

University Match

During the 3-year delayed vesting period, the University will match the participant's Basic Contribution (between 3% and 8%) dollar for dollar (100%).

Summary of Contributions and University Match During Delayed Vesting Period (as a % of base salary)

Vesting Period

The Vesting Period in the Defined Contribution Plan is approximately three (3) years with a 1,000 or more hours worked in each calendar year. An individual is credited with 190 hours each month regardless of percent effort. The participant must be contributing to accrue vesting. Most individuals vest in June of their third year of participation. Learn more about vesting by reviewing this presentation.

After becoming vested, the participant may continue to contribute between 3% and 8% and the University match increases to a dollar and a half for every dollar (150%). Vesting also means that the University’s match put into the 401(a) account will not be forfeited upon termination from the University.

Summary of Contributions and University Match After Completion of Vesting Period (as a % of base salary)

Accelerated Option

The Accelerated Option is available to fully vested participants starting at age 52 who are contributing at least 8% of their salary. An employee cannot elect this option at age 65 or older. When an eligible participant joins the Accelerated Option, the University will increase its matching contribution from 12% to 14.5%.

This increase is effective for up to 120 months (10 years) or age 65, whichever comes first.

When the Accelerated Option ends, the participant may continue to make contributions, however the University match stops completely and the participant must re-enroll in the plan. Participants must actively elect to join the Accelerated Option through the online retirement enrollment system. Please reference the 401(a) plan document for the information related to lowering your contribution after electing the accelerated option, and revocation of this election.

Supplemental Contribution

Participants may have the option of contributing above their Basic Contribution, or more than the 8% level (also subject to IRS regulations). This amount is a Supplemental Contribution. A Supplemental Contribution is employee-only money (not matched by the University) and must be pre-tax or Roth. 

A Supplemental Contribution may also be available for individuals who are not eligible for the University Match through the Basic Contribution. See the Universal Available Notice below for more information.

Available Funds

The plan offers funds through several investment companies. Types of funds offered include guaranteed income, equities, real estate, fixed income, money market, and multi-asset funds. A brokerage window is also available, which includes over 7,000 mutual fund options. A list of available funds, fund facts, and prospectus can be found at www.tiaa.org/pitt.

Withdrawals and Distribution from the Defined Contribution Retirement Plan

Each retirement plan has very specific rules for taking withdrawal and distributions from your retirement account. You can take money out of your account upon termination/resignation from the University. You may be required to pay taxes and penalties if you take the money out before age 59.5.

Note: If you terminate/resign prior to being vested in the plan, the University’s matching contributions will be forfeited back to the plan, and only the assets in your 403(b) plan will be available to you.

While you are still employed at the University, you will not be able to take a withdrawal or distribution from your account unless you meet one of the following criteria:

1. You are at least age 62 and are no longer a Benefits Eligible Employee (this includes completion of the accelerated option)  
2. You have entered into an official phased retirement agreement
3. You are at least 59.5, you may take a distribution from your supplemental retirement plan only

What are the pros and cons of moving money from the Pitt plan?

Review this brochure from TIAA to learn about the facts of your money in the Pitt retirement savings plan.

Beneficiary Information

You should periodically review your current beneficiaries, and make changes as appropriate. This can be done by going to your retirement account online through my.pitt.edu. Having a correct beneficiary designation will help ensure that your intentions are protected and your retirement savings are distributed according to your plans.

If you do not designate a beneficiary, your vested interests in the University of Pittsburgh 401(a) and 403(b) Retirement Plans could go to an unintended survivor. Be sure to review the beneficiary rules.

The maximum annual limit on voluntary pre-tax or Roth after-tax contributions made by employees to 403(b) plans is $23,000 or up to 100% of compensation, whichever is less, in 2024.

Employees who will be age 50 or older by the end of a calendar year are eligible to make an additional $7,500 in catch-up contributions to 403(b) plans on a pre-tax or Roth after-tax basis each year.

If an individual participates in any other qualified retirement plan during a calendar year, they will need to be aware of two limits. First, the annual limits (as discussed above) apply to all 403(b) and 401(k) pre-tax and Roth after-tax contributions made during any calendar year. New hires and employees with a second job need to take contributions under the other employer's plan into account before making an election under the University's plan. Second, if you own more than 50% of a trade or business (such as a consulting practice) that sponsors a retirement plan (including a Keogh plan), your total contributions under that plan and the 403(b) plan may not exceed the "415 limit" ($69,000 for 2024). To change your contribution to the University’s plan, please review the steps below.

IRS Limits by Plan Type

The 457(b) plan offers you flexibility to save more for your future. Contributions to this plan are in addition to any 401(a) or 403(b) retirement plan contributions you may already be making in the University Retirement Savings Plan.

Review the Summary Plan Description or learn more about the 457(b) plan.

At any time, you may wish to consider the following actions:

• Manage Your Contributions: Increase or decrease the amount being withheld from your paycheck. This can be done monthly and as often as you prefer by making the change online through the University Portal. If you select the effective date to be the first available paycheck, please refer to the University payroll schedule for timing details. If you select a future effective date, you are selecting a future date to make a salary deferral agreement and the payroll schedule still applies. For example; if you are a monthly paid employee and you make a salary deferral agreement effective for a future date of September 10, the change will first take effect in your October paycheck.
• Manage Your Account: Update beneficiaries, view account balances, enroll in ROTH option, change funds of future contributions, transfer monies between investment options, get advice on investing, or register for eDelivery of statements and communication.
• Enroll in the Accelerated Option: Learn more about the Accelerated Option on this page.

TIAA is the University's Retirement Plan record keeper. They offer individual financial consulting appointments on the Oakland and Regional Campuses. They also have licensed representatives who are available through their call centers.

You are our greatest investment! While you work hard to create opportunity for so many, we at the University of Pittsburgh want to help you do the same for your future. Your retirement plan is an important part of your overall benefits. Eligible University of Pittsburgh faculty and staff may participate in the University’s Retirement Savings Plans on the first of the month following 30 days of employment.

Read more in our Retirement Plans Summary Flyer 

Watch our on-demand presentation: You are the greatest investment we hold

Learn more about common terms in our Retirement Savings Glossary

Enroll online via my.pitt.edu following the steps under Account Information on the last page of this guide or contact TIAA at 800-682-9139. 

The investment options will continue to have expense ratios and other fund-specific fees that can be found in the prospectuses, which are available at TIAA.org/pitt. Some investment options may also have redemption fees (visit the Glossary to learn more about these terms).

You can obtain help selecting your investments and receive personalized Retirement Savings Plan advice on the Plan’s investment options from TIAA. This no-cost service is available as part of your Retirement Savings Plan. TIAA’s investment advice takes the form of specific asset allocation recommendations on mutual funds and annuities, which is provided by Morningstar Investment Management, LLC, an independent third-party asset allocation provider.

Online: Obtain quick, convenient answers via the online tool. Visit my.pitt.edu, and log in using your University of Pittsburgh username and password. Access Human Resources under the My Resources tab. Click on Retirement Savings Plan Access and select the What We Offer tab, and look for Tools and financial calculators.

TIAA mobile app: View balance information, access brokerage, initiate, and more, right from your mobile device. You can also contact TIAA, find TIAA phone numbers and hours of operation, contact your advisor, or locate a TIAA office. You can download the app on the Apple App Store or Google Play.

One-on-One Advice Sessions: You can receive personalized Retirement Savings Plan investment advice over the phone or in person at our local office or on campus. To schedule your session, call 800-732-8353, weekdays, 8 am to 8 pm (ET). Or visit TIAA.org/schedulenow.

Advice sessions last approximately one hour. If possible, bring all of your investment account statements, including any retirement investments outside of the Retirement Savings Plan, and your most recent Social Security statement. A TIAA financial consultant can use this information to understand your current financial situation and help you select the appropriate investment options.

Yes. You can bring anyone you choose to group meetings or individual advice sessions.

All of the Financial Consultants are Registered Representatives with the Securities and Exchange Commission, and are subject to Financial Industry Regulatory Authority (FINRA)--a self-regulatory organization authorized by federal law to help protect investors and ensure the fair and honest operation of financial markets. Each Financial Consultant maintains their Series 7 and 63 Securities Licensing. Financial Consultants maintain their state insurance licensing for the states in which they do business. They are also encouraged to pursue industry designations, such as Chartered Financial Consultant and/or Certified Financial Planner. These licenses and certifications require ongoing, continuing education. TIAA also requires seven years of industry experience when hiring a consultant, and they provide extensive, ongoing training.

The Wealth Management Advisors under the Individual Advisory Services division have similar licensing and certifications, although they carry a higher fiduciary standard of being "Registered Investment Advisors" (RIA). Registered Investment Advisors are required by state and federal securities laws to act in the best interest of their clients along with a host of other fiduciary requirements. Many Wealth Management Advisors at TIAA have achieved the designation of Certified Financial Planner.

You can check broker-dealer status through the FINRA BrokerCheck website at brokercheck.finra.org. This website shows the financial advisors' current registrations and licensing and current and former broker-dealer relationships, as well as any reportable events they are required to disclose.

Distribution information

The Retirement Savings Plan will continue to offer the same retirement distribution options. You have access to annuity options that provide a variety of retirement income choices, including lifetime income.

If you currently receive income or distribution payments from the Plan, your payments will continue without interruption. Call the Retirement Plan Call Center at 800-682-9139 to make any adjustments to your payments or payment schedule.

If you are a current employee, you can access your Retirement Savings Plan through the University portal—my.pitt.edu—where you can:

• Enroll in the Retirement Savings Plan or 457(b) plan
• Manage your salary deferral contribution amounts
• Allocate your contribution amount among pre-tax and Roth
• Choose or update your investment options
• Transfer funds among the current options
• Name or update your beneficiaries
• Update your personal profile (mailing address, email, phone number, etc.) or delivery preferences
• Enroll in upcoming education sessions or webinars
• Access financial planning tools and resources

Investing in a fund with a lower-cost share class means that more of your money goes to purchasing investments, with less going toward fees. As a result, you keep a larger portion of the potential returns generated by each fund. While returns cannot be guaranteed, paying lower fees can help you reach your retirement goals faster.

There is no investment strategy difference between the funds with different share classes. The mutual fund will charge different fees and expenses depending on the class offered to the plan. The new share class offers lower fees for these funds, thereby giving your portfolio more earnings potential.*

*Lower expenses do not necessarily translate into higher returns.

Many people find it easier to manage their retirement money by working with only one provider. That said, transferring balances can sometimes trigger costs. Before consolidating outside retirement balances, check with your employee benefits office to see if you can transfer those balances directly to your TIAA retirement account. You should carefully consider all your options. For instance, you may be able to leave money with a prior provider, roll over money to an IRA, or cash out all or part of the account value. Weigh the advantages and disadvantages of each option carefully, including investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment, and your particular financial needs. You should seek the guidance of your financial professional and tax advisor before consolidating balances.

For questions associated with the Retirement Savings Plan, including the new 457(b) plan, the 403(b) and the 401(a) plans, self-directed brokerage accounts, the streamlined investment menu, and more, please contact TIAA online at TIAA.org/pitt or by calling 800-682-9139, Monday - Friday, from 8:00 am - 10:00 pm, Saturday, 9:00 - 6:00 pm.

For any questions about general University benefits not associated with the Retirement Savings Plan, please contact the Benefits Department by submitting a question online or by calling 412-624-8160, Monday - Friday, 8:00 am - 5:00 pm.