Nevada System of Higher Education

NSHE Defined Contribution Retirement Plan Alternative

Plan information

Nevada System of Higher Education 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.

NSHE will contribute 15.5% of your regular salary to your retirement plan. As a condition of the mandatory enrollment, the employee will also contribute 15.5% of their regular salary to their retirement plan. The combined total will be 31% of regular salary on a before-tax basis remitted to the retirement plan. NSHE does not make any matching contributions beyond the 15.5% of your regular salary that is required of the plan.
An eligible employee is any professional employee of the Institution who is employed on an annual contract of no less than half-time equivalent; however, the term eligible employee does not include a person who has accrued retirement benefits under the Nevada Public Employee Retirement System (PERS), or whose employment is incidental to his or her educational program.

Contributions to this account will be 100% vested immediately.

LOANS

Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer. How much you can borrow may depend on the amount you currently have in the plan that is eligible for loans and whether you have other outstanding loans. If you have money in other employer's plans, you may be able to transfer or roll it over to the Nevada System of Higher Education retirement plan to increase your maximum loan amount. This is only if the Nevada System of Higher Education retirement plan accepts rollovers.

Prior to rolling over, consider your other options. You may also be able to leave money in your current plan, withdraw cash or roll over the money to an IRA. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment.

DISTRIBUTIONS

Age based distribution

Your employer will typically allow you to withdraw funds once you've reached 62.00.

Lump-sum distribution

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 periodic payments under the terms of the contract. Please refer to your contract or certificate for full details or contact us at 800-842-2252.

Systematic withdrawals

If your plan allows, you can choose to receive regular income payments (minimum $100) 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.

Small-sum distribution

When you leave your employer, you may be eligible to withdraw your retirement savings. Your plan may distribute your entire balance if the value does not exceed $2,000. Even if your plan doesn't allow cash distributions, 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 (either $1,000 or $5,000).

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.

Single-sum death benefit

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

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.

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 between ages 55 and 71 and must begin at least one year prior to reaching age 72. 

Retirement transition benefit

In order to more easily transition into retirement, you may be able to withdraw up to 10%, in cash, of your lifetime annuity income. The amount you withdraw will reduce your lifetime annuity income accordingly.

TPA to cash

If you need some of your retirement savings in cash, you can withdraw your TIAA Traditional Account balance through a Transfer Payout Annuity (TPA) under the terms of the contract. A lump-sum payment, subject to a surrender fee, may be available depending on your plan rules and the terms of your contract.

For more information about the terms of your individual contract, contact your plan sponsor or financial advisor.

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 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. 

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.

Fees and plan expenses depend on the specific investments you select. To learn about expenses associated with an investment, select Research and Performance from the Investment Options tab and read the fund profile or prospectus for each investment.
Explore options

Learn which mutual funds and other investments are available

You can enroll now

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Documents

Plan forms & resources

Enrollment FormOpens pdf in new window
*Need help completing the enrollment form? Call TIAA at 800-842-2252. Visit Investment Options to view your available funds.

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