Retirement

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:

  • 5% of salary after 2 years of employment
  • 10% of salary after 7 years of employment

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 Login

How do I change my TIAA contributions?

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 Webinars

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.

Retiree Options at Termination

Group Retirement Annuity (GRA) - Furman Contributions
  1. LEAVE IT ALONE: You have the option of leaving the funds with the retirement company to continue accumulating earnings. You will continue to receive your quarterly statements at your address on file.
  2. CASH WITHDRAWALS: You may receive up to 100% of your TIAA accumulation as a lump-sum cash payment. 100% of your TIAA accumulation may be withdrawn and will be paid to you in equal annual payments over a period of ten years. Any remaining balance of your accumulation is payable to you as annuity income or systematic payments. (There is a mandatory federal tax withholding of 20% on any tax-deferred lump-sum cash payments received. Also, if you are under the age of 59 and 1/2, there is an additional 10% early withdrawal penalty.)
  3. ROLLOVERS: You can continue the benefit of tax deferral by directly rolling your account over to an IRA or to an employer’s similar retirement plan.
  4. REPURCHASE: You are eligible for repurchase if your total accumulation is not more than $2,000.
  5. ANNUITY AND RETIREMENT OPTIONS: Call TIAA: 1.800.842.2776
Group Supplemental Retirement Annuity (GSRA) - Employee Contributions
  1. LEAVE IT ALONE: You have the option of leaving the funds to continue accumulating earnings. You will continue to receive your quarterly statements at your address on file.
  2. CASH WITHDRAWALS: You may receive up to 100% of your accumulations as a lump-sum cash payment. (There is a mandatory federal tax withholding of 20% on any tax-deferred lump-sum cash payments received. Also, if you are under the age of 59 and 1/2, there is an additional 10% early withdrawal penalty.)
  3. ROLLOVERS: You can continue the benefit of tax deferral by directly rolling your account over to an IRA or to an employer’s similar retirement plan.
  4. ANNUITY AND LOAN OPTIONS: Call TIAA’s Participant Information Center at 1-800-842-2776 for specific questions.