It's never too soon to begin saving for retirement. Learn more about the retirement savings accounts available to Columbia faculty and staff.
Overview
You enroll and make adjustments to retirement savings accounts* via CUBES. However, you manage your accounts and find resources via the TIAA and Vanguard websites:
- Vanguard (You will first need to register under "Sign up for online access". Follow instructions and input Plan #096141)
- TIAA (You will first need to register under "New user access")
Important Reminder on Beneficiaries: Assign your beneficiaries in the Vanguard and TIAA plans via their websites (not only in CUBES).
*Retirement benefits may vary according to your employment group.
Investment Lineup Transition
The University is committed to providing retirement programs to help you plan for the future and provide a foundation of retirement income in addition to your personal savings and investments.
Officers
Support Staff
Student Employees
Retirement Plan for Student Employees
Make Sure You Are Signed Up
Not sure if you are participating in the VRSP? The simplest way to check is to look at your payroll statement.
To enroll in the VRSP, log in to CUBES; select "Retirement" and follow the prompts.
Overview
The VRSP is a defined contribution 403(b) plan that lets you contribute from 1% to 80% of your eligible pay on a pre-tax and/or Roth basis, in half percentages, through convenient payroll contributions.
- Eligibility begins on date of hire.
- You are always 100% entitled to the value of your own contributions.
- The IRS sets a maximum contribution limit each year, which applies to combined contributions, pre-tax and Roth:
- The 2023 maximum contribution is $22,500 (plus $7,500 if you are age 50 and over, for a total of $30,000).
- The Social Security wage base is $160,200 in 2023.
- Your own contributions are not eligible for employer matching contributions.
You have a wide range of funds to choose from for investing your savings, available through TIAA and/or Vanguard.
Pre-tax contributions to the VRSP are deducted from your paycheck with only FICA taxes withheld.
Making pre-tax contributions allows you to defer paying income taxes until you make a withdrawal from your retirement account.
A Roth contribution is money that you contribute to your VRSP after taxes. Roth contributions are taxable like the rest of your current pay.
Because Roth contributions are deposited into a VRSP after taxes were deducted, withdrawals will be tax free, subject to certain rules.
Retirees
Are you a currently retired Columbia Officer or Support Staff member—or planning for your retirement? Find all benefits information and planning resources on the Retiree Benefits website.
Contacts
Benefits Service Center
Hours: Monday - Friday, 9 am - 4 pm
- Telephone: 212-851-7000
- Secure Fax: 212-851-7025
- Email: [email protected]
- More Information
TIAA
- Telephone: 1-800-842-2252
- Website: www.tiaa.org/columbia
The Vanguard Group
- Telephone: 1-888-523-1188
Events & Training Calendar
Steps to Help Secure Your Income in Retirement: A Mid-Career Check-in (TIAA)
Financial Planning Workshop for Officers Ages 21-39
Set Your Retirement Date: Understand the Factors to Get You to Your Goal (TIAA)
NEWS
Financial Planning Resources for Columbia Faculty and Staff
During this time of volatility in the financial markets, we wanted to remind you that there are resources available to you throughout the year to help meet your financial goals.
In-Person Meetings with TIAA Financial Consultants
No matter where you are in life - just getting started or planning for retirement - a session with a financial consultant can help you create a plan for your goals.
New IRS Limits Announced: Update Your Elections During Open Enrollment
If you have already made your Open Enrollment elections, you have until Friday, November 17, 2023 to make changes to the benefits choices you’ve made.