Syracuse University provides a retirement benefit through our partnership with our retirement plan administrator, TIAA, to offer you a diverse group of investments, personalized financial advice and valuable tools to make managing your retirement portfolio easier. TIAA can help you evaluate your overall income needs and what portion can be covered by your University account in coordination with other sources of income you have, including Social Security, other employer pensions, and spousal income. TIAA offers online guides to help you prepare for a retirement mindset and take stock of your current and future assets and obligations.
Upon retirement, you can continue to manage your account at TIAA, or you can rollover your assets to another qualified plan, or take a partial or full distribution. TIAA representatives can explain each option to you and guide you through the process for whichever option you choose. In general, distributions you take before reaching age 59 ½ will be penalized, in addition to any taxes that apply. If you have an outstanding loan at the time of your retirement, you should discuss with TIAA the repayment timeline and the consequences of not paying back the balance.
The TIAA website provides an easy way to navigate through the University’s retirement plan. TIAA also has a dedicated Syracuse University team that can be reached at 855.842.2873 (TTY: 800.842.2755) for you to get answers to questions or schedule an appointment with a financial consultant. TIAA representatives are available in the Syracuse area and in many locations throughout the country for advice sessions. Whether you want to discuss your current portfolio allocations or review your disbursement options for drawing income from your retirement account, we encourage you to go online or call the dedicated SU number above to schedule an advice session.
Should you have any questions, please contact HR Shared Services at 315.443.4042.
The benefits listed above apply as indicated to retired and emeritus faculty and retired staff members of Syracuse University. All benefits programs are subject to change. If any discrepancies exist between program-related communications and the Plan Document, the terms and conditions detailed in the Plan Document will control.