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Important changes are coming soon to retirement programs for state employees

Important changes are coming soon to retirement programs for state employees

August 23, 2019

UPDATE:

The West Virginia Higher Education Policy Commission (the Commission) has mailed transition guides to all current and prior West Virginia higher education retirement participants in mid-August. Participants include those enrolled with TIAA and Empower Retirement.

The most important things WVU employees and retirees need to know:

  • New TIAA account(s) will be created for you. You will receive instructions for managing your new account(s). There is no change in account access. Additionally, new Plan loan features will occur.
  • TIAA will now be the sole comprehensive retirement record-keeper and plan administrator. Empower Retirement will no longer be a retirement plan recordkeeper for the Commission.

  • New investment options from several leading financial providers have been added to help employees create a diversified retirement account.
  • Lower retirement plan servicing fees. The Plans' fees are being reduced to improve transparency to participants of the cost of the plan management.
  • Participants who are already invested through TIAA do not need to reconfirm or approve their beneficiary election.  

  • Changes begin September 17, 2019. For a full list of expected dated, view the transition guide below.
TIAA is hosting on-campus seminars for WVU employees and retirees as follows:
Date Location
Type Time
Tuesday, August 27
Online Webinar
REGISTER NOW!
Webinar Noon - 1:00 p.m. (ET)
Tuesday, September 17
Potomac State College  

Davis Conference Center


Administration Building (Main Floor)



Seminar


Information Desk


10:00 - 11:00 a.m.
2:00 - 3:00 p.m.

11:00 a.m. - 1:00 p.m.
3:00 - 5:00 p.m.
Thursday, August 29
WVU Main Campus

Mountainlair, Mountaineer Room

Mountainlair, Lobby 
(in front of Hatfields)


Seminar


Information Desk


10:00 - 11:00 a.m.
2:00 - 3:00 p.m.

11:00 a.m. - 1:00 p.m.
3:00 - 5:00 p.m.
Friday, September 13
WVU Health Sciences Center (HSC)

WVU HSC North, Classroom 2116

WVU HSC North, Hallway next to HSC Pylons



Seminar


Information Desk



10:00 - 11:00 a.m.
2:00 - 3:00 p.m.

11:00 a.m. - 1:00 p.m.
3:00 - 5:00 p.m.
Thursday, September 12
WVU Institute of Technology

Carter Hall Auditorium, Room 106
(South Kanawha St.)

Carter Hall Auditorium, Hallway outside Room 106



Seminar



Information Desk



9:00 - 10:00 a.m.
1:00 - 2:00 p.m.


10:00 a.m. - 12:00 p.m.
2:00 - 4:00 p.m.

Read the complete transition guide 

Still need help?

Visit TIAA online.

Call 800-842-2252

Schedule a one-on-one advice session.


July 12, 2019

The West Virginia Higher Education Policy Commission (the Commission) has recently voted to approve important plan management changes that will benefit all participants of the Qualified 401(a) Plan, and the 403(b) and 457(b) Supplemental Plans. There is no action required from WVU employees at this time. 

Starting in mid-September 2019, the Commission will introduce:

  • New investment options
  • Lower retirement plan servicing fees
  • New TIAA accounts
  • A single plan administrator/recordkeeper - TIAA
A transition guide with additional information will be mailed to state employees the week of August 12, 2019.
Employees may direct their questions to TIAA at 800-842-2252.