Human Resource Services

Retirement

Every employee dreams of a secure, enjoyable retirement.  Planning ahead financially can help you achieve your goals. Employees can build and protect their futures financial security by taking advantage of the opportunities available through Marshall University’s retirement programs. Experts estimate that individuals will need at least 70% of their annual income for each year of retirement. To build enough protection for your financial security, it is important to save as much as you can consistently over time!”

Contact a Benefits representative:

Teachers Insurance and Annuity Association

Teachers Insurance and Annuity Association is a major financial services organization with a longstanding reputation for service and value.  This nationwide retirement system for people working at education, research, and healthcare institutions offers high quality investment management at expense  levels that are among the lowest in the insurance and mutual fund industries. *Some current employees have been grandfathered into the State Teachers Retirement program. However, it is no longer an option for new employees.

Who is Eligible

  • Full-time benefits eligible employees which are defined as below must participate in the mandated retirement plan (401(a))
    • 9 month faculty:  working a minimum of nine months of a twelve-month period on continuous basis
    • 12 month faculty/Staff:  working at least 1,040 hours (.53 Full-Time Equivalent [FTE]) per year on a continuing basis
    • Non-tenure track faculty who are hired in a full-time position but who work as a temporary for one academic year or one semester
  • All benefit eligible employees also have a retirement program (mentioned below) available through TIAA
  • Any employee of Marshall University is eligible to contribute into the 403(b) Retirement Savings plan offered by TIAA .
  • Employee Contribution – Employees must contribute 6% of their gross salary to the retirement plan of their choice. Contributions begin on the date of employment and are vested 100% immediately. Employees may allocate monthly contributions to a variety of investment options available in their plan of choice.
  • University Contribution – The University will match the employees 6% of their gross salary.
  • Contribution Limits – According to the IRS, there are limits to how much employers and employees can contribute to a plan (or IRA) each year. The plan must specifically state that contributions or benefits cannot exceed certain limits. The limits differ depending on the type of plan.
Additionally, both retirement plans have two voluntary retirement programs available in the form of a 403(b) tax-sheltered annuity plan and a 457(b) deferred compensation plan.  Deductions may begin or end at any time. These two plans are optional to the required 6% contribution by the employee and are NOT matched by the institution.

Supplemental Retirement Plan Contribution Limits are Increasing, Plus, New Opportunity for Employees Age 60-63!  

The West Virginia Higher Education Retirement Plan offers the opportunity for supplemental retirement savings through the 403(b) Supplemental Retirement Savings Plan and the 457(b) Voluntary Retirement Savings Plan.  Both supplemental plans allow employees to save an additional amount for retirement – up to $23,500 in each plan. Both plans have tax-deferred and after-tax (ROTH) savings options.

In addition to the maximum allowed in the 403(b) and 457(b) plans, employees age 50+ may contribute an additional $7,500 under a special IRS allowed option called Age 50+ Catch-Up.

Employees aged 60 – 63 are in their critical years before retirement. New federal legislation (SECURE 2.0) allows employees in this age group to take advantage of increasing how much they’re saving over and above the additional amounts you already can contribute.  You must be age 60 – 63 during 2025. See More with this change

TIAA Roth Conversion Flyer

TIAA Roth Feature

To plan your retirement, please follow our Retirement Checklist. The list will provide you with the resources you need and the time-frame for your process.

The enrollment process is completed electronically once you begin work with the university. No action is needed on your part.

Emeritus Status is potentially available to faculty, nonclassified, and classified who meet the requirements set forth in policy. Emeritus status must be requested by your Dean, Director, or Vice President and approved by the President. Once approved, Human Resource Services will generate the information needed to generate the Emeritus ID Card and any other entitlements.

Retirement Planning:

Contributions and Withdraws:

IRS Contact Information:

Contact your local IRS office.
IRS Office Huntington, WV
845 5th Ave, Huntington, WV 25701
Phone: (681) 203-2120

A federal program that provides retirement income, disability benefits, and health care for people 65 and older.  For every dollar withheld from an employee’s pay check, the University contributes an equal amount.  Detailed information about particular benefits can be obtained by contacting the Social Security Office.

Social Security Contact Information:

Phone – 1-800-772-1213 between 7 a.m. and 7 p.m. Monday through Friday.
TTY 1-800-325-0778)
Automated Service – 1-800-772-1213
Email – https://faq.ssa.gov/ics/support/ticketnewwizard.asp?style=classic 
Local Office – https://secure.ssa.gov/ICON/main.jsp
Mail –
Social Security Administration
Office of Public Inquiries
1100 West High Rise
6401 Security Blvd.
Baltimore, MD 21235