On October 1, 2021, the annual automatic increase will occur for the 403(b) Retirement Plan. TIAA will administer this process.
What you need to know for Automatic increase:
Employees that are contributing at a rate that is less than 8% of their eligible salary will be included in the annual automatic increase. On October 4, the retirement plan’s automatic increase will occur for employees who do not make a change during the election period (October 4 – 17, 2021 for Bi-weekly October 4 – 24, 2021 for Monthly) and will be effective for the October 22, 2021 paycheck (Bi-weekly) and October 29, 2021 (Monthly).
• Employees who contribute 0% of eligible salary: Employee contributions will automatically increase by 1%.
• Employees who contribute 1% to 7% of eligible salary: Employee contributions will automatically increase by 1%.
• Employees who contribute 8% or more of eligible salary: Employees are not affected by the automatic increase feature.
Note: Determining whether to include an employee in the annual auto increase is based only on the total employee contribution percentage.
Online salary deferral
Remember, employees can log in to their TIAA retirement account and make changes to their contributions at any time.
Please contact Human Resources at 608-663-3317 or HumanResourcesDepartment@edgewood.edu.