1. Q. Where do I change my allocations?
A. You must contact your retirement company directly to make any changes to where your contributions are allocated. Fidelity Investments 1-800-343-0860 TIAA-CREF 1-800-842-2776
2. Q. How often can I change the amount I contribute to my retirement plan?
A. You may change your contributions to your retirement plan at any time by filling out a Salary Reduction/Deduction Agreement and submitting it to Department of Human Resources. All contribution changes to your retirement plan are effective the first of the following month from which they are received.
3. Q. When do I become vested?
A. All of a participant‚Äôs contributions are immediately vested. Contributions by the University for all non-classified employees (including faculty members) are immediately vested. For all other employees, all plan contributions made by the University are vested at the earliest of :
* completion of three years of services;
* attainment of age 65, or
* the end of six consecutive months during which the participant contributed at least 5% of regular salary.
4. Q. What happens if I terminate employment before retirement?
A. If you are ‚Äúvested‚ÄĚ you may leave your money in your retirement contracts or begin receiving distributions under any of the available distribution options. If you are ‚Äúnot vested,‚ÄĚ your accumulation attributable to the University‚Äôs contribution is forfeited to the University.
5. Q. Who do I contact for loans? How do I go about requesting the necessary paper work?
A. To request a loan from your UA retirement account, you must first contact your chosen retirement company and request a loan application.
Once you have requested the loan, you or your retirement company must forward the request to Department of Human Resources for an authorization signature or return the application to the appropriate vendor for processing.
6. Q. How do I choose which vendor is best for me? Who do I talk to about helping me choose the right investments for me?
A. Research, research ,research. Both TIAA-CREF and Fidelity have a variety of information resources available to you. You may contact both retirement companies by phone, on line and also schedule individual counseling sessions.
7. Q. How much does the U of A contribute for me?
A. The University will contribute an amount equal to 5% of your regular salary whether or not you contribute. If you do elect to contribute to the Plan, the University will make additional contributions of regular salary, equal to your contributions, not exceeding 10%.