Salary Reduction Agreement
If you wish to change the amount of money or the percentage you are currently contributing to your Retirement Choice Plus Annuity (RCP) with TIAA you will need to complete the “Agreement for Salary Reduction” form.
Instructions for Form
If you wish to change the dollar amount or the percentage you are currently contributing to your 403(b) account with TIAA you will need to complete this “Voluntary Salary Reduction Agreement” form.
1. Enter your name.
2. Enter the check date you would like the amount to be deducted.
3. Put the dollar amount or the percentage you would like taken from your check. A dollar amount is a set amount you want to reduce your salary by (per pay period or per year) and a percentage would be a % of your pay.
4. You may select a set dollar amount only if you are reducing your salary by more than 6%.
6. Write the date you are completing this form.
7. The default investment option under the plan is the TIAA-CREF Lifecycle Fund that most closely corresponds to the year you will turn age 65. If you do not create an account for the 403(b) Plan at TIAA and provide investment instructions, your future contributions will be directed to the age-appropriate TIAA-CREF Lifecycle Fund. You can change your investment direction and transfer existing balances on any day the US Stock Market is open by contacting TIAA directly.
To update your allocations, log in to your account or register for secure access to your account at www.tiaa.org/bates or call TIAA at 1-800-842-2252.
- 2020 Annual Contribution Limit is $195000
- 2020 Catch up for participants over age 50 is $6,500
Latest update: 06/29/20