Defined Contribution Plan Participants
The Defined Contribution Plan benefit depends upon factors such as the amount of funds contributed over the course of your career, the investment returns on those funds, and the distribution or withdrawal option selected at the time of retirement.
Three to six months prior to your retirement date, you are encouraged to schedule an appointment with a TIAA representative to review your accounts and discuss potential investment and distribution strategies. They are committed to providing investment advice strategies to and through your retirement.
Upon retirement from the University, faculty and staff have the opportunity to continue their investment relationship with TIAA provided you retain assets in your University-sponsored retirement accounts.
In accordance with IRS regulations, please note that individuals who are age 70.5 (seventy and a half) or older will be required to start taking a required minimum distribution after retiring. It is recommended that you consult your tax advisor.
For questions and counseling opportunities for those in the Defined Contribution Plan, contact TIAA at 1-800-682-9139 or by scheduling a counseling session.
Noncontributory Defined Benefit Pension Plan Participants
The retirement benefit to be received under this plan is determined by a set formula, which takes into account salary, years of participation in the plan, and age at retirement.
There are two ways to collect this benefit:
- Retirement: Age 65 with 5 years of service
- A reduced benefit is available at age 55 with 10 years of participation
The benefit is paid in one of two ways:
- Single Annuity
- Joint and Survivor Annuity
- Annuity is reduced based on an actuarial equivalent using the difference in the participant and spouse/domestic partner’s age. The spouse would continue to receive the benefit in the event that the participant should pass away.
For questions about the Noncontributory Defined Benefit Pension Plan, contact the University of Pittsburgh Pension Administration Center at 1-866-283-0208.