It's America Saves Week!

America Saves Week is a national effort to set a savings goal, make a savings plan, and save automatically. Join millions of others who are taking time this week to start or grow their savings.America Saves Week graphic

It all starts when you make a commitment to yourself to save. Take the first step today and learn what you can do at the University of Pittsburgh!

  • Maximize Your Savings!*
    • Did you know that the University matches 100% on retirement contributions for non-vested employees and 150% match for vested employees? Get started today, no need to wait for open enrollment!
    • That’s it! You also have the option to adjust your contribution method, choosing to contribute on a pre-tax, ROTH, and after-tax basis. Once your elections are set, click ‘Continue’, ‘Confirm Elections’ and ‘I agree’ until you reach a confirmation screen. Note: you should see that there is an employee and employer contribution. If you do not see this, contact the Benefits Department.
  • Enroll in Auto-Save!
    • If you are contributing less than 8% to the retirement plan, you may elect the automatic savings option. This will increase your contribution by 1% annually on the date you choose. Since the University typically processes annual increases in the month of September, employees may choose to increase their retirement in September to minimize the impact on their take-home pay. For detailed instructions on changing your contribution, visit: http://hr.pitt.edu/how-change. You will be asked during the enrollment process about electing the auto-save option. Auto-save will stop once your contribution reaches 8%.
  • Check Your Beneficiary Elections!
    • During the transition of retirement accounts that occurred in February 2015, beneficiaries for one or more of your accounts may have converted back to the Plan’s default (spouse, if married or estate, if single). Take a moment to review this information carefully and update your beneficiaries, if necessary. For detailed instructions, visit: http://www.hr.pitt.edu/you-can-ma.

*Detailed instructions on how to make a change can be found at: http://hr.pitt.edu/how-change. All changes made for ‘First Available Paycheck’ will be effective the following month. For example, if you make a change March 1st, you will see the change reflected in your April 28th paycheck.
You may contribute more than 8% of your salary on an unmatched basis. The IRS allows you to put up to $18,000 into your retirement account ($24,000 if you are over the age of 50) on Pre-tax/Roth basis annually.

Learn more about America Saves, a campaign to motivate, encourage, and support all households on how to save money, reduce debt, and build wealth.

 

Want to learn more about the retirement plan at the University of Pittsburgh? TIAA is the University's Retirement Plan recordkeeper. They offer individual consulting appointments on the Oakland and regional campuses. They also have licensed representatives available at their call centers. Ready to start saving or have a question about your contributions? Contact TIAA:

Telephone counseling: 800-682-9139
Schedule a personal appointment via telephone: 412-365-3000
Schedule a personal appointment via website tiaa.org/schedulenow-PITT
TIAA website tiaa.org/PITT