Supplemental Retirement

Eligibility

All employees are eligible to make tax-deferred contributions to a 403(b) Voluntary Employee Retirement Savings Plan and/or a 457(b) deferred compensation plan. A Roth (post-tax) contribution option is available on both plans. If you participate in the mandatory Penn State retirement plan, any contributions to these supplemental retirement plans are in addition to and separate from contributions that are made to your mandatory Penn State retirement plan.

If you are participating in the Penn State Alternate Retirement plan with TIAA, no more than $70,000 can be contributed in total to Penn State Alternate Retirement and the Penn State Voluntary Employee Retirement Savings plans, or $77,500 when including the normal catch up amount available to those age 50 or older, or $81,250 for those eligible for the higher catch up amount. This limit includes all contributions – both employer and employee, as well as elective and mandatory.

You may begin making voluntary contributions to a supplemental retirement plan at any time during the year. You also may change or stop your voluntary contributions at any time.

All questions regarding Penn State Supplemental Retirement Plans should be directed to TIAA at 1-800-842-2252, Mon through Fri, 8 am - 10 pm.

Investment Options
Provision	403(b) Voluntary Employee Retirement Savings	457(b) Deferred Compensation
Investment Company	TIAA	TIAA
Contribution Limits	Annual salary reduction contributions are limited to $23,500 in 2025	Annual salary reduction contributions are limited to $23,500 in 2025
Age 50 Catch-up Provision	$7,500 if age 50 or older $11,250 if age 60-63 and not turning age 64 in the calendar year	$7,500 if age 50 or older $11,250 if age 60-63 and not turning age 64 in the calendar year
Distributions	Distributions must meet a qualifying event: Separation from service Age 59½ Permanent and total disability Financial hardship as defined by IRS regulations - for example, a tuition payment, or to purchase primary residence Death of participant	Distribution must meet a qualifying event: Separation from service Age 70½ Retirement Unforeseeable emergency as defined by IRS regulations - for example, an unexpected illness or loss of property Death of participant
Rollovers	Rollovers are allowed if the guidelines of a qualifying event are met. Employer approval may be required.	Rollovers are allowed from a governmental plan if the guidelines of a qualifying event are met. Employer approval may be required.
Additional Catch-up Provision (Cannot be used with the Age 50 and Over Catch-up Provision)	N/A	"3 Year Rule": An additional amount up to a total of $39,000 may be available if you have not made maximum contributions in previous years when you were eligible for a 457(b) Plan. This provision may be used only in the three years before you attain normal retirement age.
Loans	Loans are available to the extent permitted by the plans: Only one new loan may be originated in a 12-month period No more than three loans originated after January 1, 2015, can be outstanding at one time Employees who default on a loan originated after January 1, 2015, will not be permitted to take additional loans from the plan(s). Defaulted loans taken before the effective date will not be affected.	Loans are available to the extent permitted by the plans: Only one new loan may be originated in a 12-month period No more than three loans originated after January 1, 2015, can be outstanding at one time Employees who default on a loan originated after January 1, 2015, will not be permitted to take additional loans from the plan(s). Defaulted loans taken before the effective date will not be affected.
Withdrawals While Employed at Penn State (Considered only when an employee has no other resources, including Plan loans)	Withdrawals can be made any time after age 59½ or in the event of a Qualified Financial Hardship: Unreimbursed medical expenses, purchase of a primary residence, tuition expenses, funeral expenses, or prevention of a foreclosure or eviction.	Withdrawals can be made any time after age 70½ or in the event of unforeseen emergencies: unreimbursed medical expenses, casualty loss, sudden and unforeseeable emergency, funeral expenses, or prevention of a foreclosure or eviction.

Enrollment

Login to Workday.
From your Workday home page, select Menu form the upper, left-hand corner.
Next select Benefits and Pay.
From the left-hand menu of Workday, look under Suggested Links for the TIAA Supplemental Retirement Enrollment; click link.
The TIAA website will use single-sign on (SSO) to access your employee information.
Determine if you will contribute to the 403(b) Voluntary Employee Retirement Savings plan, a 457(b) deferred compensation plan, or both.
Locate the Open Account option within the TIAA website.
From the Employer retirement plans section, select Get Started.
Enroll in the desired supplemental retirement plans and select how your contributions will be allocated among investment options.
You will also be asked to select your beneficiaries.
Please ensure to review the bi-weekly or monthly payroll deadlines below to determine when your enrollment and deferrals changes must be submitted.

To Manage Your Investments

You can change your investment selection at any time by logging into your TIAA account, or by phone at 800-842-2252.

Bi-Weekly Payroll Deadline Dates for Deferral Changes

Monthly Payroll Deadline Dates for Deferral Changes