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Saving for Retirement

West Virginia University (WVU) offers faculty and staff multiple retirement savings options, managed through the West Virginia Higher Education Policy Commission (WV HEPC) and administered by Teachers Insurance and Annuity Association of America (TIAA).

TIAA has been in partnership with the WV HEPC for decades and offers consultative retirement portfolio services at no cost to the employee. Employees are encouraged to work directly with TIAA, by scheduling a 1:1 consultation via virtual or in-person appointment or calling 800-732-8353.

All benefits-eligible employees must contribute to the 401(a) mandatory defined contribution plan. In addition to the mandatory contribution, benefits and non-benefits eligible employees may enroll in pre-tax or post-tax supplemental retirement accounts to increase retirement savings.

401(a) Mandatory Contribution Plan

  • Contribution Amounts: All benefits-eligible employees will contribute 6% of their gross pay via pre-tax payroll deductions. WVU matches with a 6% contribution beginning with the employee's first pay. If an employee would like to contribute more to retirement savings, please review the Supplemental Retirement Accounts below.

  • Vesting: Employees are vested at 100% upon first contribution. This means that there is no waiting period; the employee immediately owns the money from both the employee contribution and employer match upon the first contribution. 

  • Eligibility:  Benefits-eligible employees.

  • Enrollment: Employees are automatically enrolled during onboarding and deductions begin with their first pay.

  • Investment Options: Employees may login to TIAA.org to allocate their own investment portfolio or enroll into a TIAA RetirePlus managed portfolio. If an employee does not allocate their investments, they will be defaulted into a TIAA RetirePlus Select moderate model portfolio managed account.

    • Investments may be managed at any time by logging into TIAA.org.
  • Withdrawals and Loans: Contact TIAA.
  • Additional Resources:

Supplemental Retirement Accounts

403(b) and 457(b) Plan Features

Employees have the option of enrolling into a pre-tax or post-tax Roth account, or both with either plan.  WVU does not match contributions. 

  • Contribution Amounts: Percentage amount elected by employee.
  • Vesting:  Employees are vested at 100% upon first contribution.
  • Contributions: Contribution limits are established by the IRS each calendar year.
    • You may enroll in and contribute to one or both plans and may elect pre-tax or Roth options for one or both.
    • You may contribute the maximum amount allowed by the IRS to both the 403(b) and 457(b) plans in the same calendar year.
    • Contributions may be split between traditional pre-tax contributions and Roth contributions, but your combined contributions can't exceed the IRS contribution limit for each plan.

  • Eligibility: Benefits-eligible and non-benefits eligible employees.

  • Enrollment/Changes: Employees may enroll at any time.
  • Investment Options:  Employees may login to TIAA.org to allocate their own investment portfolio or enroll into a TIAA RetirePlus managed portfolio. If an employee does not allocate their investments, they will be defaulted into a TIAA RetirePlus managed account.
    • Investments may be managed at any time by logging into TIAA.org.
    • Withdrawals and Loans: Contact TIAA.

    Comparing the 403(b) and 457(b) Plans

    The plans generally work the same; the primary difference is in how the plans consider and penalize withdrawals.

    Pre-tax vs. Post-tax (Roth) Options

    • Pre-tax
      • Pre-tax contributions lower your taxable income and could reduce your current income taxes.
      • Pre-tax distribution amounts are taxable when distributed. You defer taxes on interest and earnings until you withdraw your money. You'll pay taxes when you withdraw your money from your account, and federal withdrawal restrictions apply.
    • Post-tax (Roth)
      • Post-tax Roth contributions are made after-tax, and your current taxable income is not reduced.
      • This means that you'll pay income taxes on your contributions now, but qualified distributions from a Roth account are tax-free.
      • Generally, for a qualified Roth distribution, Roth accounts need to be open for at least five years and you must be at least 59½ years old when you take a distribution.
    Are pre-tax, post-tax, or both options best for you?

    Health Science Center Employees with Dual Appointments

    HSC faculty with both West Virginia University and University Health Associates (Medical Corp. included) appointments should consider enrolling in the 457(b) plan with WVU only, as they are auto enrolled in the 403(b) plan with UHA. If the employee does have an appointment with WVU and UHA (Dental Corp.) but does not have a 403(b) available to him/her, then the employee can enroll in WVU’s 403(b) plan. Important to note is the employee does not want to be enrolled in 403(b) plans with each employer and “max out” under both 403(b) plans.

    Note: WVU and WVU Medicine are two separate employers. WVU will not know if you enrolled in two 403(b) plans. It is your responsibility to review your contribution limits.