Follow-up on Enhancements for the 403(b) Plan

Dear Colleagues:

As we announced in December 2021, we are moving to a paperless process for retirement plan contribution enrollments and changes utilizing the TIAA website.  The first phase of this implementation required supplemental contributions to be made as a percentage of pay.  This was successfully completed.

We are now ready to move into Phase 2 - which requires the TIAA platform to be configured to begin accepting contribution changes via the online portal. In order to accomplish this, there will be  a temporary silent period for contribution changes from April 22, 2022 through May 15, 2022.

What does the Silent Period mean?

During the silent period, employees will not be able to make changes to their contributions.  This includes first time enrollments, increases/decreases, and discontinuing or resuming contributions.  Please be aware that your contribution rate in effect as of April 21, 2022 will continue throughout the end of the silent period and thereafter until a change is submitted.  Should you wish to modify your contribution rate prior to the beginning of the silent period you may find the Salary Reduction Agreement Forms here. Forms can be returned to Rebecca Garcia at RG2842@tc.columbia.edu no later than April 21, 2022.

This brief silent period will begin on April 22, 2022 and will end on May 15, 2022.  

During this period, you can still access your account, request fund transfers, update beneficiary designations, update/change investment options, and/or review investment performance.  Below are key dates to keep in mind if you are planning on making contribution changes. 

Key Dates

April 21, 2022          Last day to submit paper Salary Reduction Agreements

April 22, 2022          No new enrollment or contribution changes allowed (Silent Period Begins)

May 13, 2022          Silent Period Ends 

May 16, 2022          Online Salary Deferral portal is available 

Online Salary Deferral

The plan’s new online salary deferral feature will allow you to make changes to contributions. Simply log in to your account at TIAA.org/tc any time beginning May 16, 2022. If you are a first-time user, click Log In on the upper-right corner, then follow the prompts to Register for online access.

Help when you need it

A TIAA financial consultant can help you consider how to save more for retirement. You can call TIAA at 800-732-8353, weekdays, 8am to 8pm (EST), to schedule a session to:

• Understand all your investment options
• Determine how much to save
• Make informed choices and monitor your progress

This service is available as part of your retirement program at no additional cost to you.

Visit TIAA.org/tc anytime to learn more about your plan and its options.