The University of Alabama System recently announced enhancements to the 403(b) and 457(b) voluntary retirement plans through TIAA to help employees plan and save for the future.
A detailed Transition Guide with important information about this transition was mailed in early March 2024 to all participants who have funds in The University of Alabama System voluntary retirement plan(s). Implementation of the TIAA RetirePlus Pro® service will be finalized the first week of May.
Important Next Steps
Beginning April 3, all 403(b) plan participants will be issued a new Retirement Choice Plus (RCP) account from TIAA with the enhanced Target Date Plus model portfolio* selected as the default investment option.
- No action is required to accept the default model, however, you may want to consider personalizing the model by customizing your anticipated retirement age, or unsubscribing from the model and selecting your own investments. The initial window to decide is April 3 – May 3, however, you may accept, personalize, or unsubscribe from the model portfolio at any time in the future.
- Balance transfers of mutual funds from your other TIAA account(s) will occur the week of May 6.
* What is the Target Date Plus model portfolio?
The new model portfolio will replace the current age-based TIAA-CREF Lifecycle Index Institutional funds as the default investment option. The new model service makes it easier to plan and save for retirement by providing you with a professionally managed model portfolio that will be rebalanced every 90 days. It’s a convenient alternative to managing your own choices from the retirement plans’ investment lineups and offers an option for monthly income payments for life once you retire with the inclusion of TIAA Traditional.
Opportunities To Learn More
- The Department of Human Resources hosted five on-site TIAA Town Halls in Gorgas Library’s Camellia Room on March 21 and 25. If you were unable to attend a town hall, you may watch an on demand webinar recording available for the next 90 days.
- Review the detailed Transition Guide mailed in early March to all participants in the 403(b) and/or 457(b) voluntary retirement plan(s).
- Watch an instructional video to learn how to personalize or unsubscribe from the Target Date Plus model portfolio in TIAA’s online portal.
- Schedule a one-on-one advice session by visiting TIAA.org/schedulenow.
If you have specific questions or need additional assistance, visit TIAA.org/uasystem or speak to a TIAA financial representative at 800-842-2252.