Baylor Retirement Plan Changes Take Effect
In October 2018, enhancements to the Baylor Retirement Plan were announced, and faculty and staff were mailed a Transition Guide.
“I was challenged at Baylor’s Wellbeing Conference to take action toward planning for my future. One of those items I recorded as a priority was saving for my retirement, so I contacted CAPTRUST for financial advising. A knowledgeable and personable representative helped me access funds from my late husband’s retirement plan, a strategy completed with the additional assistance of a tax expert through Baylor’s Guidance Resources. As a single mom of 3 kids, I have peace of mind knowing my finances are in order and independent, professional guidance is just a phone call away."
Answers to some Frequently Asked Questions about the Plan follow:
What are the key changes to the Baylor Retirement Plan?
Investment choices have changed and are consolidated in a single lineup administered by TIAA, where accounts have been established for all Plan participants.
How does the Baylor Retirement Plan remain the same?
Baylor will continue to contribute 10.8% to the Plan on your behalf. Plan design and rules are the same, with no changes to eligibility or vesting provisions.
When do changes to the Baylor Retirement Plan take effect?
Beginning on January 18 (bi-weekly payroll) and January 31 (monthly payroll), retirement contributions will be directed to TIAA and invested according to the Baylor Retirement Plan Asset Transfer Charts (mailed with your Baylor Retirement Plan booklet) unless you take action to make other investment choices.
Preparing for Baylor Retirement Plan changes — Where do I begin?
Contact CAPTRUST for independent financial advising at no cost to you. A representative can help you navigate the Plan’s investment options and website, tiaa.org/baylor, where you’ll access your account and beneficiary designations.
• Visit captrustadvice.com to schedule an appointment
• Call 800-967-9948 with questions
For an overview of retirement planning considerations, attend an on-campus seminar or webinar. Sign up at baylor.edu/compass.
How do I access my Baylor Retirement Account at TIAA?
Visit TIAA.org/baylor. You will be prompted to register by setting a login ID and password. A CAPTRUST representative can help you navigate the website and update your investment elections.
What are my costs under the new investment lineup?
The record-keeping fee is $70 per year. Investment expenses vary by fund, as listed in the Baylor Retirement Plan Transition Guide, pages 15-16. Costs will be clearly identified on quarterly statements.A CAPTRUST representative can clarify the Plan’s investment options and related fees to help you select funds that meet your needs.
“I was challenged at Baylor’s Wellbeing Conference to take action toward planning for my future. One of those items I recorded as a priority was saving for my retirement, so I contacted CAPTRUST for financial advising. A knowledgeable and personable representative helped me access funds from my late husband’s retirement plan, a strategy completed with the additional assistance of a tax expert through Baylor’s Guidance Resources. As a single mom of 3 kids, I have peace of mind knowing my finances are in order and independent, professional guidance is just a phone call away."
- Shirl Brown, Baylor employee
For more information, visit tiaa.org/public/tcm/baylor