Seems like it's a 3 year vesting period to own 100% of the retirement plan contributions by TIAA. Let's say I started the company and my first official start date was in January 1 2023, would that mean if I quit on January 2, 2026 I get to keep the full amount? Or is it based on hours worked? Also, is the retirement plan vesting pro-rated, or would I lose all of the money if I leave before 3 years?
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@aa That is not a description of the TIAA Retirement Plan, and is not found in the plan rules, for that plan.
@ch you're confusing the two retirement plans. There are no employee contributions in the 401a (TIAA01), all contributions in the 401a are made by the employer based on your age. (if your total accumulation is less than $7000 when laid-off - it's fully cashable)
The 401(k) is where employee contributions are directed and are matched up to 3%. The 401(k) is fully cashable.
We need to teach financial literacy in high schools.
F’n hilarious hr reverting to a layoff page to answer internal employee questions—-wtf ing robotics lameness
@dw What is crazy about a retirement company having restrictions on employer contributions to make sure you have funds for retirement? It's their contributions and it is a great plan...if you participate...everyone should educate themselves...their are many companies that do not give you "free" money...
@aa what a crazy and absurd set up and plan design. TIAA's plans are always complicated and convoluted and make no sense.
you also can't cash it out or roll it over just fyi...can only be annuitized or paid out with 7 percent annual withdrawal..
If you get laid off it vest at 100% fyi.
I cover the plan internally. It is a 3 year cliff.
Per Plan Rules(which you can find...it is not hidden)During this period, employee and employer contributions are held in an escrow account.
After 366 days, the funds are released to the employee's TIAA account, and employer contributions become available.
If employment ends before 366 days, employee contributions are returned with interest, but employer contributions are forfeited.
@OP It is not pro-rated...it is not a cliff schedule...100% at 3 years of service...anything less...you lost all...only thing you do not lose is what you contribute-employee contributions..
Someone correct me but I believe it is prorated as long as you’ve worked at least 2 years