Retirement Savings Plan

Hardship withdrawals and loans should be initiated with TIAA or Fidelity

Free Personal Financial Planning Now Available

If you’re like most retirement plan participants, you may struggle with feeling confident about making financial decisions regarding how much to save, or how to invest. You may have questions about your ability to retire when you are ready. We want to help you build a solid financial future. That’s why we have hired SageView as a resource for your financial wellness. SageView is an independent investment advisory firm, and the financial counselors provide professional, unbiased investment advice. Best of all - the service is offered to you at no charge! To book a call with the Participant Help Center, call 1-833-SAGE-411 or visit the Sage411 website where you can also access “Knowledge At Your Fingertips” for articles, flyers and webinars.

Contacts

• Fidelity: 800-343-0860
  • Schedule an appointment online or call 1-800-642-7131
  • Create or login to your account
  • Access W&L specific data on the Fidelity website
• TIAA: 800-842-2776
  • Schedule an appointment: 800-842-2252
  • Access W&L specific data on the TIAA website

Defined Contribution Retirement Plan

Social Security benefits are not substantial enough to be an individual’s sole or primary source of retirement income; therefore, the University strongly encourages its employees to participate in the Washington and Lee University Defined Contribution Retirement Plan. The University offers retirement savings plans through TIAA and Fidelity.

All non-student employees are eligible, upon employment, to open an account and can contribute as much as they would like (up to the IRS limit). There are a number of attractive features, such as tax deferral for federal and state income tax purposes, and loan, hardship and in-service withdrawals (all subject to qualifications).

After two consecutive anniversary years of working 1,000 hours or more for Washington and Lee University, employees are eligible for a University contribution. Time worked at another higher educational institution in each of the two 12 month periods just prior to employment by W&L may count toward this waiting period. The University contributes an unmatched 5% to the plan and matches an employee’s contribution up to 5% (up to the IRS maximum allowable). Certain additional catch-up contributions may be available for employees older than 50 and/or those who have more than 15 years of service.

Employee contributions may be made on a tax-deferred or post-tax Roth basis up to permissible federal and state limits.

Social Security

The mandatory Social Security tax (FICA) deducted from an employee’s paycheck is matched by the University.

Plan Information

• Summary Plan Description
• Investment Policy Statement
• TIAA Qualified Default Investment Alternative and Factsheet for TIAA Lifecycle Funds-Retirement Share Class
• In-Service Distributions, Hardship Distributions and Loans
• Universal Availability Notice
• Fidelity Fee Disclosure
• TIAA Fee Disclosure