Employees may enroll, change, or terminate their election the first of any month. The Internal Revenue Service imposes limits on how much an employee can contribute in a calendar year. Human Resources will determine the maximum tax-deferred contribution that an individual can make upon receipt of a completed Maximum Exclusion Allowance Calculation Request Form. TIAA-CREF also offers a traditional annuity with a specified interest rate. Employees may contribute to one or more of the three carriers.
Participants receive quarterly statements directly from the carrier.