Special Pay Plan
The WVU Special Pay Plan, administered by TIAA is designed to allow key employees to defer substantially greater amounts of compensation than otherwise permitted through traditional 401(a) and Supplemental 403(b) and 457(b) Retirement Accounts (SRAs).
A. An eligible participant is also referred to as a Qualifying Participant. An eligible
employee qualification is determined by the Vice President of Talent and Culture
based upon their sole discretion. Such eligibility determination must be in accordance
with all federal, state and local laws and regulations.
Q. What contributions will I receive?
A. Employer plan contributions will be made based upon the eligible employee’s compensation
agreement with the University. Such
amounts may not exceed the Internal Revenue Code 415 limit ($61,000 for 2022).
To encourage employees nearing retirement to increase their savings, the IRS allows
people over the age of 50 to make annual catch-up contributions in excess of
the 402(g) and 415 limits. Because these contributions are defined separately
in IRC code 414(v), they are not included as annual additions under section 415. These employer plan contributions are immediately owned by you, however not available
to you as cash until you’ve satisfied a qualifying event as indicated below.
Q. May I contribute directly to the plan?
A. No, eligible employees may only receive employer contributions to the plan based
upon their compensation agreement with the University. Employer plan contributions
to this plan are in addition to your basic 6% employee and 6% employer match contributions
to the 401(a) retirement plan, along with any elective deferrals you may make to
the supplemental 403(b) and/or 457(b) plans.
Q. What types of benefits does the plan offer to me?
A. The plan provides for lump sum payments, partial payments, installment payments
and lifetime annuity income options. This plan does not provide for plan loans.
To obtain more information on the benefits of the plan go to
www.tiaa.org or call 1-800-842-2252 (8:00 a.m. to 10:00 p.m. week days and
9:00 a.m. to 6:00 p.m. on Saturdays).
Q. When may I begin to receive benefits?
A. Generally, benefits may begin after you’ve left employment with the University.
Additionally, the plan provides for distributions following attainment of age 59
½ while still employed and upon being determined totally disabled.
Q. May I designate a beneficiary?
A. Yes. It is very important to make a beneficiary election and to keep it current
when you have life events occur, such as marriage, divorce or the birth of a child.
To update your beneficiary designation(s) go to
www.tiaa.org or call 1-800-842-2252 (8:00 a.m. to 10:00 p.m. week days and
9:00 a.m. to 6:00 p.m. on Saturdays).
Enroll/Make Changes Now!
2. Login to your online
TIAA account to choose or change your investments.
*Submit ALL documents to Benefits Strategy, PO Box 6640 or CentralBA@mail.wvu.edu.
Questions?
Direct all questions to the Director of Benefits Strategy at (304) 293-3235 or CentralBA@mail.wvu.edu.