Retirement Planning

Grand Valley State University and Fidelity Investments are pleased to announce enhancements to the GVSU Retirement Plans. Fidelity Investments® now supports the enrollment process and provides ongoing record keeping services to all GVSU Retirement Plan participants, regardless of your chosen investment service provider.

Visit the Retirement Planning Website to enroll in a retirement plan, update your contribution amount, or change your investment provider. If it is your first time visiting the site you can consult the Retirement Planning Website User Guide.

You can also call the Retirement Planning Service Center at 800-242-0860 for assistance or to make changes to your account. 

Upcoming TIAA Meetings

December 9

December 15   

December 18

Upcoming Fidelity Meetings

November 19

December 3

December 11


Emotional Aspects of Retirement

This ten minute podcast highlights the emotional aspects of retirement faculty and staff will want to consider during their planning process. Presented by GVSU's Employee Assistance Program- Encompass consultant, Michele Kimmel-Fors.


TIAA - 800.842.2776 Plan Number 101021 (403b) 101022 (457b)


Through the TIAA website, you can access product and account information, current performance reports, change your address, conduct transactions, and read and order current prospectuses. If you need help figuring out your TIAA account, you can meet with our University TIAA representative.  To schedule an upcoming appointment, call 1.866.842.2825. To view upcoming dates when the representative will be on campus, please view our Events Page. You can also meet with a TIAA representative at their Grand Rapids office in Bridgewater Place. To sign up for an appointment, visit the TIAA website.

If you are thinking of retiring soon and are looking for more information about what Grand Valley offers, visit our Retiree Benefits page. 

TIAA Retirement Program Update Information

Program Update Informational Seminar Schedule

Program Update Transition Guide

Program Update FAQ and Comparison Chart

Transition Seminar Presentation

TIAA


Fidelity Homepage - 800.343.3548 - Plan Number 50094 (403b) 72992 (457b)

Through the Fidelity web site you can access fund information, IRA evaluators, daily fund prices, and online trading.  If you need more information about your Fidelity account, feel free to consult our University Fidelity Representative.  Please view the upcoming dates on our Events Page

 

 

Fidelity


SUPPLEMENTAL RETIREMENT ACCOUNTS CONTRIBUTION LIMITS FOR 2020

The Internal Revenue Service has announced that there will be an increase to supplemental retirement account contribution limits and the catch-up contribution for those 50 and older for 2020.  The 2020 Grand Valley State University 403(b) and 457(b) supplemental contribution limits are:
                            
                                                                                                      403(b)          457(b)

2020 Contribution Limit                                                $19,500      $19,500

2020 Catch-up Contribution (age 50 and older)   $6,500        $6,500


Roth post-tax Option
A Roth post-tax supplemental contribution option is available for the GVSU 403(b) and 457(b) Retirement Plans. 
 
If you are interested in changing your current contribution amount, please visit the Retirement Planning Website


Beware of Phishing and Spam Attacks Related to Retirement Benefits

Many employees are receiving emails from companies with names like “relaxedretirements.com,” “yourretiring.com” and “appreciationnetwork.com.” These emails indicate that it is time to set up an appointment to discuss your retirement benefits, or that they are available to help “public” employees understand their retirement plans or benefits. These entities are not authorized by GVSU and you should treat their message as spam.

Beware of attempts to gain financial information via unsolicited emails, texts and phone calls from outside “companies” who offer to meet with you to advise on your retirement plans, accounts or benefits.

Your HR Benefits team is here to help you with your employee benefits, including your retirement plan. Legitimate email regarding your benefits will come from benefitsandwellness@gvsu.edu, hro@gvsu.edu  or individually from one of the members of the Benefits and Wellness Team. You will also receive information from our retirement plan investment providers, Fidelity Investments and TIAA.


Report Outside Retirement Contributions to the Benefits Office By April 1

To help faculty and staff members avoid tax penalties, Human Resources collects information each spring regarding contributions made to outside retirement plans to help ensure they do not exceed IRS limits.

If a faculty/staff member contributes to a non-Grand Valley State University retirement plan through an outside business in which they are at least a 50 percent owner, they must report the prior years contributions to Human Resources by April 1.

This applies if the answer to the following questions is “yes”:

  1. Are you eligible to participate in the Grand Valley State University 403(b) Retirement Plan?
  2. Do you own a controlling interest (more than 50 percent) in a for-profit business, including sole proprietorship and/or consulting?
  3. Do you contribute to a qualified retirement plan—such as a 401(k), 401(a) or 403(b)—or simplified employee pensions (SEPs) and Keogh plans through that business?

If you answered “no” to any of the above questions, no action is needed.

If you answered “yes,” please complete and submit the Internal Revenue Code Section 415(c) Aggregation Form by April 1. 

While faculty/staff are responsible for independently reporting retirement contributions to the IRS, HR may be able to help you avoid tax penalties by collecting this information.

See the IRS website for more information about Section 415.