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Employee Benefits|Differences Between TIAA-CREF and WRS

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Employee Benefits
Eric Goldenstein, Manager
Campus: 139 Wyoming Hall
Mail: Dept 3422
1000 E University Ave
Laramie, WY 82071-2000
Phone: 307.766.2438
Fax: 307.766.5636
Email: hrbenofc@uwyo.edu
Office Hours
Regular: 8:00am - 5:00pm
Summer: 7:30am - 4:30pm
Monday - Friday

Wyoming Retirement System

 

TIAA-CREF 

University of Wyoming contributes 12.69% of gross pay.  Employee contributes 1.43% of gross pay for a total 14.12% contribution.

 

University of Wyoming contributes 12.69% of gross pay.  Employee contributes 1.43% of gross pay for a total 14.12% contribution.

Defined Benefit -- Guaranteed monthly retirement income based on a formula. 

 

Defined contribution -- Retirement payments based on deposits plus interest and dividends earned.


Four years (48 months) to become vested. 

 


Vested immediately.


Fund investment decisions made by an eleven-member board.

 

 


You allocate your retirement contributions between two TIAA accounts, eight CREF accounts and nine mutual funds.  Can move money between accounts.

Only found in Wyoming.

 

11,350 participating institutions nationwide.

Can purchase prior service credit.

 

 

Prior service credit is not applicable with TIAA/CREF.

Includes a disability provision after contributing for ten years if under age 60.

 

Disability provision is not available with TIAA/CREF.

On Termination:

On Termination:

May leave on deposit. Or 

May rollover to a qualified plan (7.0% of gross wages plus interest). Or

Withdraw funds (7.0% of gross wages plus interest).

Twenty percent taxes are withheld if funds are withdrawn, plus an additional ten percent penalty if under age 59 ½.

May leave on deposit. Or 

May rollover to a qualified plan (14.12% of gross wages plus interest). Or

Withdraw funds (14.12% of gross wages plus interest).

TIAA accounts have a 2-½ % fee if money is withdrawn within the first 120 days after termination. After 120 days no fee but they can take up to five years to pay (20% each year).

Twenty percent taxes are withheld if funds are withdrawn, plus an additional ten percent penalty if under age 59 ½.

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