Workday to help simplify Penn State's supplemental retirement plans

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UNIVERSITY PARK, Pa. — Employees will find access to and management of Penn State's two supplemental retirement plans easier and more convenient when Workday, the University’s new human resources and payroll system, launches on Dec. 10.

New technology enhancements will empower participants in Penn State’s supplemental retirement plans — the Tax-Deferred Annuity (TDA) or 403(b) Plan, and the 457(b) Deferred Compensation Plan — with the ability to manage contribution amounts directly online with TIAA through Workday or at tiaa.org/psu.

With the implementation of Workday, participants in the supplemental retirement program will no longer complete a Voluntary Salary Reduction Agreement paper form to start, stop or change a salary contribution to a retirement account with TIAA. Such transactions will be completed online.

Additional advantages to plan participants made possible by the Workday-TIAA collaboration include:

  • A single sign-on process, where participants will be able to access their TIAA account through Workday, without the additional step of using TIAA login credentials.
  • A new auto save feature provides participants with the ability to automatically increase contributions in the supplemental retirement plans based on a pre-set amount and preferred frequency.
  • Participants will have the ability to indicate if they wish to set contributions at a level that will maximize them in accordance with IRS regulations.

From Dec. 21, 2017, through Jan. 1, 2018, participants in the supplemental retirement plans will not be able to make salary contribution changes via paper forms, nor through Workday; however, there will be no impact during this period to a participant’s ability to change investment choices, transfer funds, or make withdrawals. Starting Jan. 2, 2018, participants will have full access to the new TIAA online features directly through Workday.

The system enhancements brought about by Workday are exclusive to the Tax-Deferred Annuity (TDA) or 403(b) Plan, and the 457(b) Deferred Compensation Plan. The enhancements do not impact the Penn State faculty, staff and technical service participants in the State Employees Retirement System (SERS) plan, or the Alternate Retirement Plan administered by TIAA.

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