Employees who are eligible for the retirement plan will be eligible to receive contributions from the University on the first day of the month after two (2) continuous years of service at the University and after attaining age 21. If an employee has prior service at another eligible employer or has tenure at Furman University, these time frames may differ.
Contributions by the University are applied to individual annuities or accounts by TIAA. The University’s contributions to the Retirement Plan are made every pay period during the years of participation, except for times in which no salary is paid. The University makes a discretionary contribution to the Retirement Plan, which can be changed or discontinued, but is currently paid in accordance with the following schedule:
In addition to the percentage paid by the university, an employee who is full- or part-time will be defaulted into contributing 3% of his/her salary to the retirement plan at TIAA beginning the first of the month after 60 days of his/her employment. To change retirement contribution, go to the MyFurman portal A-Z Index for the TIAA (403(b) Retirement Plan) website link.
When planning for retirement, be sure to check out our retirement resources regarding TIAA.
To adjust your TIAA contributions, go into TIAA’s system through single-sign-on in MyFurman (MyFurman > A-Z Index > TIAA (403(b) Retirement Plan) > Enter your Furman Network IT Credentials > Click on Actions in the top bar section > Under Retirement (far right) Change contribution amount > Manage My Contributions > Manage Elections > and then adjust as you see fit. That then gets sent to Workday.
Alternatively, we have a video tutorial which provides guidance on making changes to retirement contributions.
TIAA has provided several resources to help answer questions you may have during this volatile time:
TIAA webinars – Because we have single sign-on, please go into TIAA’s system through MyFurman (MyFurman > A-Z Index > TIAA (403(b) Retirement Plan) > Enter your Furman Network IT Credentials > you should now be on your personalized TIAA page. Now, keep that open and open a new tab right next to it in your browser. Paste this link in the new tab: www.TIAA.org/webinars The browser will already know that you are signed in with the prior steps and should take you to a page where you can complete your profile information. Once done here you can click Save and then X-out of the box. Now you’ll be in the Live Webinar Lounge where you can scroll through the webinars and click on Register.
New Hire Video
Frequently Asked Questions – Retirement Plan
View the Retirement Health Insurance Plan costs on the Insurance benefit site.