MICA's 403(b) Retirement Plan Changes
MICA's 403(b) retirement plan is undergoing major changes in October 2016. For questions or concerns, please contact Human Resources at (410) 225-2363.
What is changing and why is it changing?
To learn more about the change please read the September 6, 2016 Memo.
When will the change occur?
- October 14, 2016: The final contributions into your current TIAA or Lincoln plan will be deducted from your check.
- October 20, 2016: The new plan will be live.
- Participants will be able to go to www.tiaa.org/mica to view the new lineup and select their allocations.
- If you are a current TIAA participant and do not want to change your allocations, your contributions will be mapped to similar funds. Please review the MICA Lineup and Mapping Strategy for more information.
- You will be able to make changes to your allocations at any time after October 20, 2016 by visiting www.tiaa.org/mica or calling TIAA Participant Services Group at (800) 842-2252 for assistance.
- If you would like to select the allocation of your first contribution into the new plan, you will need to make your selections on www.tiaa.org/mica no later than Sunday, October 30, 2016
- October 28, 2016: The first contribution into your new retirement account will be deducted from your paycheck.
- October 30, 2016: Last day to make changes to your lineup so that they are reflected in your first contribution to the new retirement plan.
- October 31, 2016: The first contribution into the new retirement plan will be deposited on Monday, October 31, 2016.
How can I obtain more information?
We strongly encourage all participants to remain informed by engaging in the opportunities listed below:
- Review Previous Communications and Frequently Asked Questions Documents.
- View the archive of the webinar TIAA hosted on September 7 at 12:00 pm.
- Meet with TIAA for an one-on-one session. Please visit www.tiaa.org/schedulenow or call ( 800 ) 732-8353 to schedule an appointment.
- Human Resources is available to present and discuss the changes at upcoming academic and administrative departmental meetings. This will give all faculty and staff an opportunity to hear the explanations in a small group setting and have a chance to ask questions. If you would like to coordinate a presentation and/or Q&A session for your department or division, please contact Human Resources at (410) 225-2363.
- The Retirement Oversight Committee will be hosting a Town Hall meeting regarding these changes on Tuesday, October 25, 2016 at 3:00 pm. This will be an open meeting and the location will be announced next week. If you are interested in attending, please complete this very brief Town Hall Registration to assist us in estimating the number of attendees.
Additional Resources and Forms
- TIAA Group Information Session PowerPoint 10202016
- Fund Fact Sheet Information (use plan number 327765)
- Salary Reduction Agreement/Retirement Election Form
Frequently Asked Questions
Previous Communications
- MICA Memo to Faculty and Staff dated September 6, 2016
- MICA Memo Faculty and Staff dated October 4, 2016
- MICA Memo Faculty and Staff dated October 16, 2016
- TIAA Communication to 403(b) Participants
"How to" Documents:
Resources for Lincoln Participants:
- Salary Reduction Agreement/Retirement Election Form
- Lincoln Distribution Request Form
- Instructions on How to Register for a TIAA account
- Memo to Lincoln Participants October 17, 2016