University of Nebraska Basic Retirement Plan 401(a)/414(h)

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Plan information

University of Nebraska offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future.

Learn what plans allow eligible employees to do.

What contributions are available?

Tier 1 = Employer 6.5%, Employee 3.5%
Tier 2 = Employer 8%, Employee 5.5%

Participation is mandatory after 2 years of service and age 30 or older. Participation is voluntary if a participant is between the ages of 26 and 30 years old and has 2 years of qualifying service. If a participant declines to enroll when they are eligible, they will not be able to enroll in the plan until they are 30-years old.

To obtain vesting information regarding this plan, contact TIAA at 800-842-2252.

LOANS

Plan loans are only available in instances of foreclosure or eviction. Please contact your campus benefits office for specific plan provisions.
 

DISTRIBUTIONS

Fixed Period

You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy).
  • Payments stop at the end of the period, during which you will have received all your principal and earnings. Talk to your Campus Benefits Office for details.

Interest Only

You can receive the current interest earned on your TIAA Traditional Account in monthly payments. Your principal remains intact while you receive the interest.
  • These payments generally are available to individuals who have attained age 55 but have not yet reached RMD Applicable Age and must begin at least one year prior to reaching RMD Applicable age. Your RMD Applicable Age was 70 ½ if you were born before 7/1/49; 72 if you were born on or after 7/1/49 or in 1950; 73 if you were born between 1951 and 1958; 75 if you were born in 1960 or later. If you were born in 1959, federal guidance is needed to determine if your RMD Applicable Age is 73 or 75.

Lifetime Retirement Income

  • One-life annuity — provides income for as long as you live.
  • Two-life annuity — provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.
  • One- or two-life annuity with guaranteed period — guarantees income for up to 20 years, as long as the period you choose does not exceed your life expectancy. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you (one-life annuity) or both you and your annuity partner (two-life annuity) die before the end of that period.

Lump Sum

You can withdraw all or part of your account in a single cash payment, depending on your plan rules and the terms of your contracts.
  • Your right to a lump-sum distribution from your TIAA Traditional Account may be restricted to taking 10 annual payments under those terms. Talk to your Campus Benefits Office for details.

Minimum Distribution Option

These payments generally are available to individuals who have attained age 55 but have not yet reached RMD Applicable Age and must begin at least one year prior to reaching RMD Applicable age. Your RMD Applicable Age was 70 ½ if you were born before 7/1/49; 72 if you were born on or after 7/1/49 or in 1950; 73 if you were born between 1951 and 1958; 75 if you were born in 1960 or later. If you were born in 1959, federal guidance is needed to determine if your RMD Applicable Age is 73 or 75.

Your RMD Applicable Age was 70 ½ if you were born before 7/1/49; 72 if you were born on or after 7/1/49 or in 1950; 73 if you were born between 1951 and 1958; 75 if you were born in 1960 or later. If you were born in 1959, federal guidance is needed to determine if your RMD Applicable Age is 73 or 75.

If you're married, you may be required to get spousal consent to receive any distribution option other than a qualified joint and survivor annuity.

This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA contracts. Taxes and penalties may apply.

Retirement Transition Benefit

If your contract allows, you can withdraw, in cash, up to 10% of your accumulation at the beginning of a conversion to lifetime annuity income. The amount you withdraw will reduce your lifetime annuity income accordingly.

Single-Sum Death

Benefit A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.

Small-Sum Distribution

If your plan doesn't otherwise allow cash distributions, upon separation from service you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (typically $4,000). If your plan does allow cash distributions, upon separation you may be able to withdraw your TIAA Traditional accumulation if the value does not exceed $2,000. Talk to your Campus Benefits Office for details.

Systematic Withdrawals

If your plan allows, you can choose to receive regular income payments on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time.
  • These withdrawals are not available from TIAA Traditional Account balances.

TPA to Cash

If your plan allows, you can withdraw your TIAA Traditional Account accumulation through a Transfer Payout Annuity (TPA) in 10 approximately equal annual payments. A lump-sum payment, subject to a surrender fee, may be available depending on your plan rules and the terms of your contract.Talk to your Campus Benefits Office for details.
Your University of Nebraska Basic Retirement Plan 401(a)/414(h) is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.
The University of Nebraska Basic Retirement Plan 401(a)/414(h) allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply.
 
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Understanding investment fees

Your financial well-being is TIAA's top priority and we are committed to helping you make informed decisions. Fees should be just one factor in your decision-making process since the lowest cost option may not be the best one for you.

Cost of plan services

Fees and expenses have always been part of a retirement savings plan-some fees are associated with the administration of the plan and may be covered by your employer, while others are paid by you based on the specific investments and services you choose. The following three categories of services are provided to your plan:

1. General record keeping and other plan services

Over the course of a year you pay for services like record keeping.

Many services are necessary for the day-to-day operation of your employer's retirement plan. General administrative services include recordkeeping, legal, accounting, consulting, investment advisory and other plan administration services. Some of these expenses are fixed and other expenses may vary from year to year. These costs are allocated to each participant in a uniform way.

An annual TIAA Plan Servicing Fee of $38 is assessed if you maintain a Retirement Choice and/or Retirement Choice Plus account. This fee will be deducted proportionally from each investment in your account Quarterly and identified as "TIAA Plan Servicing Fee" on your statements.

In some cases, an investment provider may pay a portion of an investment's expense ratio to TIAA, the recordkeeper, to help offset the cost of plan administration. This practice is called "revenue sharing". If you have investments that revenue share, you'll receive a credit based on your average daily balance. This will be identified as "TIAA Plan Servicing Credit" on your statements.

If you do not maintain a Retirement Choice and/or Retirement Choice Plus account and therefore no TIAA Plan Servicing Fee was assessed, your investment revenue share credit will be reduced by the amount of the fee inorder to cover plan administrative services expenses. For more information on fees and investments, refer to "Mutual Funds and In-Plan Annuities" via TIAA.org/performanceOpens in a new window.

2. Specific investment services
You pay only for what you use.
Each investment offered within the plan charges a fee for managing the investment and for associated services. But you pay only for the investments you actually use and in proportion to the amount of your investment. These fees are not deducted directly from your account; they are paid indirectly through the investment's "expense ratio". The specific expense ratio for each plan designated investment option is listed in your Quarterly Investment UpdateOpens in a new window.

3. Personalized services

You can opt for extra features, like loan services.

Personalized services provide access to a number of plan features and investments that you pay for, only if you use them. The personalized services used most often are:

Retirement Plan Loans
$75.00 per loan initiated for general purpose
$125.00 per loan initiated for a residential loan

$25 annual loan maintenance fee per active loan, assessed Annually

Brokerage account

To learn more about the brokerage service including fees call 800-927-3059 or Get the BasicsOpens in a new window.

Qualified Domestic Relations Orders (QDRO)
No additional charge
Sales charges, purchase, withdrawal and redemption fees for certain investments
Certain charges may apply. For additional information, see Quarterly Investment UpdateOpens in a new window.

More information about retirement plan fees and expenses is available at TIAA.org/fees.

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