IRAs are a great way to save –
And with automatic payroll deductions, it couldn't be easier
All Dickinson College employees are eligible for IRA deductions through payroll deduction.Traditional or Roth IRA's may enable you to put aside a combined limit of up to $6,000 ($7,000 if age 50+) a year for the future. Both IRA's are offered through TIAA and their strong family of investment options. They can be used in addition to your 403(b) retirement plan with the college to supercharge your retirement investing.
Traditional IRA's offer tax-deferred investment earnings and penalty-free early withdrawals for the qualified purchase of a first home or to pay for qualified college expenses. Additionally, some or all of the annual contributions may produce a current year tax deduction. Income levels determine your deductibility. Be sure to check with your tax advisor or the TIAA Website.
Roth IRA's are a type of tax-favored arrangement. With a Roth IRA you can contribute up to $6,000 ($7,000 if age 50+) a year, after taxes, and there is no maximum age for contributing and no mandatory withdrawals at age 70½. If your Roth IRA has been in place for at least five years, you are eligible for tax-free withdrawals of both contributions and earnings after age 59½ and penalty-free early withdrawals for the qualified purchase of a first new home.
Please visit the IRS website for specific IRA contribution limits and additional information.
Start Now – It’s Easy
All you need to do to get started is to complete the application form one of the following ways:
- Enroll on-line via the TIAA site - www.TIAA.org
- Enroll via telephone at 1-800-842-2252 and receive pre-filled electronic forms for your electronic signature
- Enroll via telephone at 1-800-842-2252 and receive pre-filled paper forms to sign and fax to 1-800-914-8922
- Enroll through the assistance of a 1-on-1 counseling session
Then go to Human Resource Services and fill out a payroll authorization form. It is vital that you complete the authorization form because the college cannot make the deductions until you complete and sign the authorization form.
Don’t forget to submit your authorization form to Human Resource Services, in order for your deductions to begin.
If you have any questions please do not hesitate to contact Human Resource Services at ext. 1503 or e-mail hrservices@dickinson.edu.