Human Resources
Retirement
Lindenwood University Retirement Benefits
At Lindenwood University, we are committed to supporting our faculty and staff throughout every stage of their careers, including retirement. Our comprehensive retirement benefit program is designed to help you plan, save, and transition smoothly into retirement with confidence. Below, you’ll find complete information about our retirement plans, eligibility, contribution details, resources, and support services.
Overview of Retirement Benefits
Lindenwood University offers a robust retirement savings plan that includes both employee and employer contributions, investment options, and access to financial education resources. Our goal is to provide you with the tools and guidance needed to build a secure financial future.
Plan Options
403(b) Retirement Savings Plan
- Eligibility: All regular employees age 21+ are eligible to participate upon hire.
- Plan Recordkeeper: TIAA
- Contribution Types: Pre-tax and Roth (after-tax) options available
Employee Contributions
Employees may elect to make voluntary contributions up to IRS annual limits.
- Contribution Rates: Employees may elect to contribute a percentage or dollar amount of their earnings, subject to IRS limits.
- Enrollment: Change your contributions at any time through the Benefits and Pay Hub in Workday.
- Catch-Up Contributions: Employees aged 50 and older are eligible for catch-up contributions, allowing for additional savings.
University Contributions
The University will match 100% of your contributions, up to 5% of your salary, after you complete two years of service. If you have prior experience with another educational institution or non-profit organization, you may be eligible for immediate matching. Please contact us for details about eligibility and documentation requirements.
Investment Options
- Choose from a variety of professionally managed funds, including target-date funds, mutual funds, and fixed income options.
- Free access to financial planning tools and personalized advice.
- Online account management and performance tracking.
Retirement Planning Resources
- Financial Education Seminars: Regularly scheduled workshops and webinars.
- One-on-One Counseling: Meet with a Wealthspire retirement planning advisor for personalized guidance.
- Online Tools: Access retirement calculators, planning guides, and educational materials via the TIAA website.
Planning to Retire?
Below is a list of action items you will need to complete once your retirement date has been set.
- Provide written notification to your supervisor allowing as much notice as possible.
- Arrange a meeting with HR to discuss any questions.
- If you are moving, please update your address on Workday.
Transition Services: Assistance with the retirement process, including benefit elections, paperwork, and Medicare guidance. Contact HR Benefits and Payroll for an appointment.
Distributions
For those employees participating in the Lindenwood University Defined Contribution Plan, various options are available to you under the plan provisions. Once you reach the age 59 ½ you can start taking distributions from your retirement account without incurring a penalty. Under ERISA laws, minimum distributions must start at age 70 ½. Below is a brief summary of your options upon retirement:
Options How to Start 1. Leave funds in the plan. 1. Requires no action. 2. Rollover funds into an IRA or other eligible retirement plan 2. Contact TIAA-CREF 3. Request a distribution 3. Contact TIAA-CREF This information is for general guidance only. Specific details, contribution rates, and eligibility rules may change. Please refer to official plan documents and consult with HR for the most up-to-date information.
Employees should consult with their accountant, attorney, or financial advisor before making any retirement plan decisions. Visit TIAA-CREF website.
Equal Opportunity Employer
Lindenwood University is an Equal Opportunity Employer and complies with appropriate federal, state, and local equal opportunity laws. Lindenwood is firmly committed to a policy of equal treatment of all job applicants and employees regardless of race, color, religion, gender, age, sexual orientation, gender identity, national origin, veteran status, disability, or any other legally protected characteristic.