Retirement

America Saves Week is over. But you can still take advantage of these great resources!

The Appreciation Allocation previously communicated about will be paid in the May 28, 2021 payroll. If you wish to contribute all or a portion of the allocation to your TIAA account, you must complete one of the following actions no later than May 16, 2021:

If you are paid MONTHLY:

The following message was sent to all benefits eligible faculty and staff on Friday, April 17, 2020

Plan Basics

1. TIAA is the record-keeper for the Lehigh University Retirement Plan. The investment funds available, however, include a range of providers and are selected based on performance in their asset class and cost.
    
2. Investment Funds - The Lehigh University Retirement Plan features a menu of funds from which to select your investments. These funds are structured so that you can access the types of investments you believe are best for your circumstances. Here are two charts outlining the funds:
   

Lehigh's retirement plan has changed!

The new Lehigh University Retirement Plan took effect on January 1, 2014.

You can read the plan's basics here.

Shown below are the current 2013 and the previous 2012 IRS indexed dollar limits for tax qualified employee benefit plans:

Plan Closed To New Investments As Of December 31, 2013

The Lehigh University Retirement Program for Faculty and Staff is an employer-paid defined contribution plan. This means that the university contributes to the plan on behalf of its employees.  Faculty and staff members are not required to contribute to the plan.

In 1935, President Franklin D. Roosevelt signed the Social Security Act into law.  Among other provisions, the Act created a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement.

The Social Security Act has been amended many times since then, but it continues to provide retired workers with a reliable source of income after retirement. It also provides retired workers with access to medical insurance under the Medicare provisions.

This Plan Closed To New Contributions As Of December 31, 2013

The more you can save and the earlier you start, the greater your financial security in retirement will be.That’s why, in addition to our employer-funded retirement plan, Lehigh also offers eligible employees the opportunity to set aside their own funds for the future. See information regarding the Lehigh University Retirement Plan introduced in 2014.