There are changes coming to your TIAA plan for 2026.
On behalf of the 403(b) Investment Committee, we are happy to provide several updates and changes which will roll out in January 2026.
Please review the upcoming changes and contact HRD with any questions.
- The new IRS savings limits for 403(b) plans for 2026 have increased.
- Employees under age 50 may save up to $24,500.
- Employees aged 50 and older may save an additional $8,000, for a maximum of $32,500.
- Employees aged 60-63, an enhanced “super catchup” contribution of $11,250 is available, for a maximum of $35,750.
- If you are interested in maximizing your contributions for 2026, please contact Human Resources.
- Beginning in 2026, any high earner who is planning to make catchup contributions must make their contributions as ROTH (after-tax) contributions. This will affect any employee who is over age 50 and whose prior-year FICA wage was over $145,000. HR will work with employees who fall into this category, however please understand it is the employee’s responsibility to make the changes. There are upcoming webinars in November, December, and January to learn more. (see attached flyer below)
- We are excited to announce, with Board of Regents approval, employees may now access all funds (both employee and employer) for loans or hardships. This is a substantive change from past practice where employees could only access funds in the Tax-Deferred Annuity for a loan or hardship. Beginning in January, employees will have full access to their Defined Contribution funds for loans and/or hardship withdrawals. Please note, ROTH (after-tax) funds are never loanable, therefore remain excluded. All loans and hardships are managed directly through TIAA. Please ensure you consult a tax advisor before withdrawing funds.
- Also beginning in January, the University will shift contracts in TIAA. The contracts will shift from the Retirement Annuity (RA) and the Groups Supplemental Retirement Annuity (GSRA) to the Retirement Choice Annuity (RC) and the Retirement Choice Plus Annuity (RCP). This contract type shift will provide those employees who are participating in the TIAA Traditional plan to have increased flexibility and a higher rate of return. TIAA will be reaching out to each employee with a transition packet in early December.
As a reminder, the University has options for employees to meet with a financial advisor either virtually or in-person. Meeting dates and times occur monthly, and do fill up quickly. If you interested, please visit www.tiaa.org/schedulenow to find the next available date/time.