Retirement plan

Participation in Lynn's 403(b) retirement plan is voluntary and designed to provide you with long-term financial security.

All regular full and part-time faculty and staff may participate in the program immediately upon employment or at any time thereafter. You can make changes to your 403(b) pre-tax or Roth contributions at any time during the year.

Once enrolled in a plan, you will have secured personalized access to the TIAA website, where you can update your account, monitor account performance and sign up for e-delivery of account statements, transaction confirmations and other communications.

After one year of continuous full-time employment, the university provides a two to 7% contribution depending on the level of employee contribution.

As a participant in the plan, you may elect to reduce your compensation by a specific amount and have that amount contributed to the plan as an elective deferral. There are two types of elective deferrals: Pre-tax deferrals and Roth deferrals.

If you elect to make pre-tax deferrals, then your taxable income is reduced by the deferral contributions so you pay less in federal income taxes. Later, when the plan distributes the deferrals and earnings, you will pay taxes on those deferrals and earnings.

If you elect to make Roth deferrals, the deferrals are subject to federal income taxes. However, the elective deferrals and, in certain cases, the earnings on the elective deferral are not subject to federal income tax when distributed to you.

Plan participants age 50 and older can make additional pre-tax catch-up contributions of $7,500 above the standard contribution limit*. Catch-up contributions will be deducted as pre-tax deferrals.

*The 2024 standard contribution limit is $23,000.

Personalized, objective advice and planning services are available to you for developing a plan to pursue your retirement income goal or to find out if your current retirement planning strategy is on the right track.

To help you plan effectively for retirement, TIAA offers you access to skilled, non-commissioned TIAA consultants.

Services include:

• Personalized portfolio recommendations, proposing specific mutual funds and annuity accounts considering every retirement plan option on TIAA's recordkeeping systems.
• Guidance on past plans, suggesting portfolios of broad asset classes on any assets in previous employers' retirement plans on TIAA's recordkeeping systems.
• A retirement strategy review that can take into account the full range of your retirement assets, and present models that assess the likelihood of reaching income goals. The service also recommends a savings level that may be appropriate for a particular goal. The financial and economic assumptions underlying the projections are based on historical rates of return that may not reoccur, as well as volatility measures and other factors.

The advice is provided in one-on-one sessions, in person or on the phone, to ensure the highest level of service and immediate attention to client needs.

For more information or questions, log into tiaa.org or call +1 800-842- 2776.

CAPTRUST Financial Advisors, are an independent financial advisory firm that works on Lynn's defined contribution retirement plan. Services are provided free of charge to full-time employees solely as a benefit; CAPTRUST's role is not to sell you anything, only to help you make sound investment decisions.

Services include:

• Personalized financial wellness and advice
• Individual retirement and general financial planning sessions in person or by phone
• Investment education and advice
• Opportunity to create a Retirement Blueprint, CAPTRUST's interactive retirement readiness tool
• Advice desk for individual support

For more information or questions, call +1 800-967-9948.