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.
Retirement planning resources
- Prepare, apply, manage benefits and other information
- Social security presentation
- Retirement checklist
- How your retirement benefit is figured
- How working affects your benefits
- Starting retirement benefits early
- Delayed retirement
- Benefits for those with disabilities
- Benefits for your family
- Create your my Social Security account
Medicare and other health coverage
- Plan and get started with Medicare
- Medicare presentation
- COBRA continuation coverage
- Assistance from Commission on Aging
- Marketplace coverage
Fiscally Fit retirement presentations
What happens to my retirement plan(s) if I stop working for CMU before I retire?
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.
I had a 403(b) Basic Retirement Plan through TIAA with another employer. Can CMU contribute directly into this same account?
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.
Am I able to withdraw money or take out a loan from the CMU 403(b) Basic Retirement Plan while still actively working at CMU?
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.
What options do I have to withdraw money or take out a loan from the voluntary 403(b) Supplemental Tax Deferral Plan while actively working?
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.
What options do I have to withdraw money or take out a loan from the voluntary 457(b) Deferred Compensation Plan while actively working?
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.
How often can I change my deferral amounts from my paycheck?
You can increase, decrease, stop or start your tax deferral deductions anytime.
Can I have both a voluntary 403(b) and a voluntary 457(b) plan?
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.