401(k) Plan for Active Lay Employees

Administered by TIAA

All employees are eligible to contribute to a self-directed, tax advantage investment account.  Employees working 30 or more hours weekly are also eligible for employer matching contributions and annual discretionary base contributions. Matching is available at 50% of the employee contribution up to a max of 4%, (match would be 2%).  An annual discretionary 2% will also be contributed from the Employer to the employee's account if the employee is employed & eligible on Dec. 31st of each year. Annual discretionary contributions are made 1st quarter of the following year.
Employees working less than 30 hours a week may make voluntary contributions without the match or base; let them know annual fees are a minimum $48.00. 
401k accounts are qualified retirement accounts subject to early withdrawal taxes penalties before age 59&1/2.

If you are a new or existing employee and would like to deduct monthly 401k voluntary contributions from your semi-monthly pay, you are required to complete the Salary Reduction Agreement, (form link below) and give the completed form to the payroll administrator at your location. Be sure to designate a beneficiary when you complete your Salary Reduction Agreement. You will receive a welcome packet from TIAA after your first contribution. 

Maximum VOLUNTARY Contributions:

Federal law imposes a limit on the amount individuals may contribute to their 401(k) accounts on a yearly basis. 

2015 & 2016:
$18,000 - the annual maximum for individuals younger than age 50.  
$24,000 - the annual maximum for individuals age 50 and older.

This limit is subject to increase or decrease each year.  If your location uses a payroll service, it is likely that the payroll service will automatically stop withholding contributions from an employee's pay check once that employee has reached the annual maximum, but check to be sure.

VESTING - Full time employees are 100% VESTED immediately for voluntary and employer contributions.

Forms & Brochures:

401k Salary Reduction Agreement 
401k Outline Brochure
Investing for Catholics investment Brochure
Investing for Catholics Target Funds Brochure

401k Introduction Guide - This guide will be mailed to each new employee with the TIAA-CREF welcome packet.

401k Summary Plan Description 2016 - Lay 401k Plan information for new & existing employees 

Contact Information:

TIAA Customer Service: 800-842-2252
Lay Plan #406426 or Priest Plan #406869
www.tiaa.org 

Investing for Catholics:
949-428-0432
Relationship Consultant - Mary Brunson, Vice-president
mary@ifa.com 


Previous 403b Companies:

VOYA - formerly ING

Mark Hugunin
(913) 661-3765 or (800) 814-1643

mark.hugunin@voyafa.com

LINCOLN
Andrea Ames
800-341-0441 x 4776
Andrea.Ames@lfg.com