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 this retirement plan will be made every pay period during the years of participation, except for times in which no salary is 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.
TIAA has provided several resources to help answer questions you may have during this volatile time:
New Hire Video
Frequently Asked Questions – Retirement Plan
View the Retirement Health Insurance Plan costs on the Insurance benefit site.