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 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:

  • 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, the employee may make tax-deferred contributions to the retirement program on a voluntary basis 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

Navigating your TIAA benefits during COVID-19

TIAA has provided several resources to help answer questions you may have during this volatile time:

National Retirement Security Week

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You may receive up to 100% of your TIAA accumulation as a lump-sum cash payment. 100% of your TIAA accumulation may be withdrawn and will be paid to you in equal annual payments over a period of ten years.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.