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Retirement Education & Planning

Thinking about retirement is exciting, but there are generally lots of questions around the topic, too.  This page is intended to provide you tools and resources for a smooth transition into retirement. Below are short educational booklets based on what retirement plan you are enrolled in, each including a helpful checklist on the last page.


The Benefits and Wellness office has packets available of retirement planning materials, including the educational booklets mention above, that can be mailed to your on-campus address.  Use the button below to request a pre-retirement packet when you're nearing retirement and ready to begin planning for the next chapter.
request a pre-retirement packet

Retirement FAQs

If you are in the 403(b) basic or voluntary plan(s), you are vested immediately and when you retire or leave CMU the funds belong to you. You can roll them over to another plan or leave them where they are. If you withdraw the funds, you will pay applicable taxes at that time and there could be a penalty if you do not meet the age requirements.

*If requesting a post-termination distribution or rollover from TIAA, you must wait until the pay period following your official last day, as that's when it will be reported to TIAA.  Requests made prior to this will be declined. 

No, TIAA requires you to start a new account at CMU.  All accounts will be reflected on your quarterly statement and viewable in your TIAA portal. 

No, you cannot take out a loan on university contributions to this plan; only the voluntary 403(b) tax deferral plan has loan privileges.  You can, however, generally withdraw funds from the 403(b) basic plan while still employed at CMU once you have reached age 59 1/2.

You can generally withdraw funds from your account with TIAA while still employed by CMU once you have reached age 59 1/2; and the plan does allow for loans.

There is no loan provision with the 457(b) plan; and you cannot withdraw funds from your 457(b) account at any age while actively working at CMU.

You can increase, decrease, stop or start your tax deferral deductions anytime.

Yes, you can elect to defer to both accounts. You will have a maximum limit (per the IRS) you can defer for each plan per calendar year.