Frequently Asked Questions:
What do I do with my current money in TIAA-CREF?
- It can continue to remain with TIAA-CREF; however there will be no future contributions by the University after December 31, 2010
- Discuss roll-over options with a Fidelity Consultant – 1-800-328-6608
What if I don’t enroll with Fidelity by December 31, 2010?
- Your University Contributions (10%) and Employee Mandatory Contributions (4%) will default into the Target Retirement Date Fund beginning January 1, 2011
- Your Voluntary Contributions to a Tax Deferred Annuity will end on December 31, 2010
What is the “Target Date Retirement Fund?”
- The funds are described in your transition guide that you should have received in campus mail. Target Date Retirement funds can be found on page 16. If you did not get a transition guide contact Human Resources as we can send you the PDF version.
I thought TIAA-CREF was going away? Why do I see them still being invited to campus?
- Purdue is stopping future contributions into TIAA-CREF effective January 1, 2011; however there are employees that may still want to keep their money in TIAA-CREF instead of transferring it over. Employees may want to discuss options on how to move forward. Thus the reason why we invite TIAA-CREF back to campus.
What is involved in transferring funds from TIAA-CREF to Fidelity? Should we contact both parties?
- You can contact a Fidelity rep (1-800-328-6608) and they can assist with the transition of your TIAA-CREF account into Fidelity. They will contact TIAA-CREF along with you to discuss the transfer of your investments. Or contact your personal Retirement advisor. This is a very personal choice.
What if I am still in the 3 year waiting period for University Contributions?
- When your 3 year waiting period ends you will receive information to go online and designate how you would like your University Contribution (10%) to be invested.
- Your salary will be “rebalanced” after your 3 year waiting period ends by increasing your salary by 4% and then investing the increase in a 401(a). This will serve as the Employee’s Mandatory Contribution.
I received a “Transition Guide for Defined Contribution Plan Participants” and I have a 3 year waiting period. Why did I receive this?
- The Transition Guide was sent to all current University Contribution participants as well as those who have a 3 year waiting period.
I didn’t receive a “Transition Guide for Defined Contribution Plan Participants”. How can I get one?
- If you did not get a transition guide contact Human Resources as we can send you the PDF version.
The one on one counseling sessions for October are full. Will there be more?
- Yes. There will be more one on one counseling sessions in November and December. Dates/times and registration information to come soon
What does “rebalancing” mean and how am I affected?
Rebalancing Calculator: https://www2.itap.purdue.edu/bs/hrcalculators/rebalanced/index.cfm
What if I don’t have a Tax Deferred Annuity (Voluntary Contributions) but I am interested in participating in one with Fidelity?
- On January 1, 2011 or after visit Fidelity’s website http://plan.fidelity.com/purdue or contact a Fidelity Workplace Planning and Guidance Consultant at 1-800-328-6608 to assist with enrolling into a Tax Deferred Annuity (Voluntary Contributions) with Fidelity.
More FAQ’s from Main Campus: