WV Teachers and School Service Personnel 2012 Retirement Seminar (State Teachers) offered in Morgantown on Tuesday, September 18.
The Consolidated Public Retirement Board (CPRB) will sponsor its annual Retirement Seminars for members of the WV Teachers’ Retirement System (TRS) and the WV Teachers’ Defined Contribution Retirement System (TDC). The Morgantown seminar will be held on Tuesday, September 18, 2012 at the Waterfront Place Hotel from 5:00 PM to 7:00 PM. For details regarding other locations, driving directions and meeting rooms, please access www.wvretirement.com and click the 2012 TRS & TDC Plan Retirement Seminars link under the NEWS column on the CPRB home page. You may also contact the Communications/Public Information office at (304) 558-3570.
Annual Notice of 403(b) Tax Deferred Retirement Savings Plan
Memorandum to all West Virginia University employees regarding Annual Notice of 403(b) Tax Deferred Retirement Savings Plan offered at WVU (PDF)
SRA Max Contribution Limits Increase in 2012
The IRS announced cost-of-living adjustments affecting the dollar limits for many retirement plans for the 2012 tax year. For WVU employees, the annual maximum contribution limit for the 403(b) and 457(b) plans are increasing to $17,000 each. The catch-up contribution limit for employees age 50 and over remains unchanged at $5,500. If you would like to increase your current SRA contribution amount to new plan year maximum for 2012, you must complete an SRA Salary Reduction Agreement Form indicating your new deduction amount.
TIAA-CREF on Retirement
New Way To Save:
Roth 403(b) Supplemental Retirement
On Sept. 1, 2011, West Virginia University introduced the Roth 403(b) supplemental retirement account available to all employees through TIAA-CREF. With this option, you may:
- Contribute after-tax dollars;
- Enjoy tax-free distributions, without penalty, when you are age 59 1/2 or older and when you take a distribution five years after you made the first Roth contribution to the contract. Withdrawals of earnings prior to age 59 1/2 are subject to ordinary income tax and a 10% penalty may apply.
- Roll over assets into a Roth Individual Retirement Account (IRA), or into/from another Roth 403(b) Supplemental Plan that accepts such assets. (Rollovers and withdrawals are subject to the provisions of your retirement plan.)
For information on the Roth Contribution Option go to:
TIAA-CREF Roth 403(b) Contribution Option Brochure
WVU - Roth 403(b) Contribution Option Information
At the current time, Roth contributions are not available to Great West 403(b) accounts.
If you have questions regarding Roth 403(b) contributions, please contact TIAA-CREF at 800-842-2776.
TIAA-CREF on Retirement
Share Class Change for Mutual Funds:
Starting on Sept. 23, 2011, participants invested in TIAA-CREF mutual funds will have assets moved to a new share class, which offers lower service fees. This change will not change plan participants’ investment allocations or cause a disruption to the management of participant investments. In addition, six new investment funds will be available. TIAA-CREF is communicating these changes directly to participants. Please see TIAA-CREF Share Class Information Pamphlet for additional information or contact TIAA-CREF at 800-842-2776.
TIAA-CREF now offering “Self-Direct Brokerage Account”
WVU employees with a supplemental retirement plan now have the opportunity to open a TIAA-CREF Self Directed Brokerage Services Account. This will allow employees to allocate retirement savings contributions into a variety of investment choices beyond the core investments offered in the plans. For more information, please see this TIAA-CREF Guide to the Self-Directed Brokerage Services Account.
TIAA-CREF offering new “Savings Simplifier Video Series”
The videos offer practical tips on how to improve your savings, including how to get started, how to get the most from your retirement plan and how not to run out of money in retirement.
TIAA-CREF offers the “Know How Now: Financial Education Series”
A simple way to help you increase your financial know-how, manage your money and achieve your goals.
TIAA-CREF Financial Education Series
WVU Retirement Brochures available at:
Retirement Savings Brochure (PDF Printable File)
Retirement Benefits Brochure (PDF Printable File)
These are the guidelines if you are a 9 month faulty contributing to a Supplemental Retirement Account (SRA) and receiving summer supplemental pay.
Through the SRMountaineer Temps program, retired staff and faculty with successful careers at WVU re-engage with the University to make a difference in new ways, continue the learning process, and remain active.
What to do if working and turning 65…
Medicare Part A and PEIA:
Medicare Part A is an free entitlement available to most people at the attainment of age 65 or earlier for disability and some specific medical conditions. If you are not receiving Social Security benefits when you turn 65 you will need to sign up for Medicare Part A if you would like to have Medicare coverage. Bear in mind, if you are an actively working employee of WVU and have PEIA coverage due to your active employment, PEIA will remain your primary coverage for yourself and any dependents you have covered by PEIA. If you are already beyond age 65 and not signed up for Medicare just contact the Social Security Administration to enroll. For more information contact the Social Security Administration at 1.800.772.1213 or online at www.ssa.gov or www.medicare.gov.
Medicare Part B and PEIA:*
A common question asked by employees is what you are supposed to do when you turn 65 and become eligible for Medicare while working at WVU. The answer is if you are receiving health coverage through WVU as either an actively working employee, or dependent of an actively working employee you are not required to enroll in Medicare Part B which costs a minimum of $96.40 per month in 2009. You are required to have Medicare Part B as a retiree, or dependent of a retiree, when enrolled in the PEIA retiree health insurance. . has details on page 18. An easy way to remember this is if you have a PEIA health insurance deduction on your WVU paycheck, you are not required to have Medicare Part B. If you have questions regarding your particular circumstances, please call Employee Benefits at 304.293.5700×4 or the Social Security Administration at 800.772.1213, or online at www.ssa.gov or www.medicare.gov.