Centered on Community
Starting in Fall 2015, Albion College will annually offer four-year tuition, room, and board to as many as 10 first-year students who are Albion residents and attended Albion Public Schools in grades 6-8. Read more
President Ditzler talks about the initiative on WBCK-FM
Reopening the Bohm: Read about a landmark internship for Andrea Walles, '15
Albion College's Sister City efforts earn a national award
Watch an expert panel discuss "Albion Tomorrow"
Retirement Program Changes for 2014
Changes to the TIAA-CREF Retirement plan are coming. The College has been working with TIAA-CREF and The Agbay group due to the 2009 403(b) regulations which call for an increase in fiduciary responsibility of plan sponsors for 403(b) plans. The result of those efforts is for a change in the type of accounts and the investment line up. In January 2014 we will be moving to TIAA-CREF's Retirement Choice contract. We have also developed a new investment line-up that continues to offer target-date funds as well as 25 additional funds represented by 21 asset classes.
Employees are encouraged to review the action steps below and as part of those actions steps view the transition guide information and detailed information about the new investment line-up found at www.tiaa-cref.org/albion
- Awareness of investment line-up under the new plan
After November 25, 2013 view detailed information about the new investment line-up at www.tiaa-cref.org/albion. Review the new line-up and make plans to speak with your own financial consultant or with a representative from TIAA-CREF or The Agbay Group. Human Resources will communicate a schedule of dates when TIAA-CREF and The Agbay Group representatives will be on campus in December and January. Please call the HR office to schedule a half hour appointment, 517-629-0205.
EMPLOYEE ACTION NEEDED - review investment line-up
Individual On-Campus Transition Consultation Schedule Friday, December 6 The Agbay Group - Nick Rea Tuesday, December 10 The Agbay Group - Nick Rea Thursday, December 12 TIAA-CREF - Brian Fors Friday, December 13 The Agbay Group - Nick Rea Thursday, December 19 The Agbay Group - Nick Rea TIAA-CREF - Brian Fors Tuesday, January 7 The Agbay Group - Nick Rea Thursday January 9 TIAA-CREF - Brian Fors Friday, January 10 TIAA-CREF - Brian Fors Tuesday, January 14 The Agbay Group - Nick Rea Thursday, January 16 The Agbay Group - Nick Rea Thursday, January 23 TIAA-CREF - Brian Fors Friday, January 24 TIAA-CREF - Brian Fors Tuesday, January 28 The Agbay Group - Nick Rea Thursday, January 30 TIAA-CREF - Brian Fors
- Creation of new account
TIAA-CREF will automotically create a new Retirement Choice account for all individuals currently making contributions to the 403(b) plan. This will be done by December 20, 2013. Individuals with TIAA-CREF Lifecycle fund will have the current accumulation in the lifecycle fund automatically transferred to the correcponding JP Morgan SmartRetirement Fund.
NO EMPLOYEE ACTION NEEDED
- Election of new investments
If you do not take action, all new contributions will go to the JP Morgan Target date fund closest to when you turn age 65. This is the default action if an employee does not take action. If you want to make your own investment choices, you may do so any time after December 23. All investment choice received by January 30, 2014 will be applied with the January 31, 2014 contributions. You can make a new investment election online or by phone. Online: via secure access at www.tiaa-cref.org. Phone: 800-842-2252 Monday through Friday, 8 AM to 10 PM and Saturday, 9 AM to 6 PM ET. Please note that even if you take no action by January 30, 2014 and default to the age appropriate target date fund, you reserve the right to re-allocate your funds, using any of the plan investment options, at any time in the future.
Default action - all new contributions will go to the JP Morgan Lifecycle fund closest to age 65.
Optional action by employee, make you own investment choices.
- Decide what to do about your existing Albion College Accumulation
Any time after the creation of your account, you may choose to move your existing accumulation under the Albion College plan to the new investment options. With the exception of the TIAA-CREF Lifecycle funds, which will automatically be moved, no action is taken on your accumulation in your current accounts and no action is required. Your old account will continue to exist and perform according to the investments in place. You can continue to move funds among the old investments choices. You will not be permitted to move funds from the new account to the old account.
Default action – those with TIAA-CREF Lifecycle funds will be transferred to the equivalent JP Morgan Target Date Fund
Optional action by employee, move your current funds to the new options.
Questions about the investment options can be directed to TIAA-CREF or The Agbay Group
- TIAA-CREF Call center 800-842-2252 Monday through Friday, 8 AM to 10 PM and Saturday, 9 AM to 6 PM ET
- The Agbay Group, Anthony Agbay and Nick Rea, 877-302-4015