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 59-1/2 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 SU phone line – 855.842.CUSE (2873) – 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 one-on-one 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.