Defined Contribution Retirement Plan

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Plan information

Vincennes University 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.

The Vincennes University Defined Contribution Retirement Plan only allows employer contributions. Vincennes University is currently contributing 10% of eligible compensation for eligible employees. Vincennes University does not make matching contributions to this plan.
All employees except PERF employees are eligible.

Contributions to this account will be 100% vested immediately.

LOANS

Defined Contribution Retirement Plan does not offer a loan feature.

DISTRIBUTIONS

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.

Limited periodic option

If you're over age 55, you can withdraw cash up to 7% of your holdings in the CREF and TIAA Real Estate accounts.

  • Currently available only in plans funded with TIAA group retirement annuity [GRA] contracts that don't allow CREF cash.

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).

Disability

You can withdraw elective deferrals and earnings from your retirement plan while employed by your institution but not working due to a disability.

  • To qualify you must be totally and permanently disabled, and the deferrals and earnings must have been credited to your plan on or after January 1, 1989.
  • Disability withdrawals are not subject to the 10% IRS penalty on withdrawals prior to age 59½.

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.

DB service credits

Plan participants may consider purchasing service credits when they directly transfer from a Section 403(b) tax sheltered annuity or governmental 457(b) plan to a governmental defined benefit plan allows the purchase of "permissive service credits."

A permissive service credit is credit for a period of service recognized by a defined benefit governmental plan only if you voluntarily contribute to the plan an amount that does not exceed the amount necessary to fund the benefit attributable to the period of service and the amount contributed is in addition to the regular employee contribution, if any, under the plan.
A permissive service credit may also include service credit for up to 5 years where there is no performance of service, or service credited to provide an increased benefit for service credit which a participant is receiving under the plan.

When purchasing service credits, keep in mind:

  • The request for purchasing service credits is most often accomplished via a direct transfer from either a qualified or non-qualified plan.
  • For example, permissive service credit can be granted for time spent teaching outside of the United States without being considered non-qualified service credit.
  • If an institution does not allow participants to purchase service credits, they must meet a triggering event at which point the transaction can be processed (Per Plan Rules). The request would need to be processed as a rollover and financial forms are required.

Minimum distribution option

Generally, you must begin taking minimum withdrawals from your account by April 1 following the year in which you turn age 72 or retire, whichever is later.

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.

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.

Other than your specific investment services fees, your plan has no additional record keeping or other plan services fees paid to TIAA.

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 Portfolio Manager is an optional service for professional account management.

Retirement Plan Portfolio Manager provides investment advice on your retirement portfolio based on your goals and needs. This managed account is an optional service with professional oversight and a systematic, disciplined approach to managing your money.

For an annual fee of 30 basis points, which will be deducted from your account on a quarterly basis, your portfolio is reviewed and adjusted as needed to help keep it on track. Features include:

  • Customized advice - Based on your goals, we'll help you decide how much to save, an appropriate asset mix and specific investment options.
  • Ongoing portfolio oversight - We'll make adjustments based on market conditions and other factors that may affect your investments. These adjustments include quarterly asset reallocation and rebalancing.
  • Modify direction as needed - You can update your preferences anytime and we'll fine-tune our recommendations.
  • Quarterly statements - Show adjustments made to your portfolio so you can see your current investment mix.
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/feesOpens in a new window.

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