Drake University sponsors both mandatory and voluntary 403(b) retirement plans which are reviewed quarterly by the Drake University Retirement Plan Review Committee. The Committee consults with an independent fiduciary advisor to closely monitor investment performance, negotiate contracts, establish reasonable plan needs, review investment options and make plan design decisions as directed by the Drake University Investment Policy Statement.  The Retirement Plan Review Committee and Investment Policy Statement are posted here in myDrake.

For many years Drake has relied upon TIAA to provide appropriate products and services, which the Committee examines regularly.  Although TIAA representatives can provide information and make recommendations, plan participants must decide how to allocate plan contributions and designate plan beneficiaries.  Thus, participants are encouraged to review their investment options regularly.  Summary Plan Descriptions of Drake’s Mandatory and Voluntary Retirement Plans may be found here.

The annual contribution limit for Drake’s Voluntary Retirement Plan increased to $22,500 effective January 1, 2023.  Employees age 50 and over may contribute an additional $7,500 for a total maximum of up to $30,000 during the 2023 calendar year.  If you would like to change your current contribution amount, or open a voluntary retirement account, simply complete the 403(b) Salary Reduction Form here.  Please note changes to your current election will become effective the first day of the following month.

Should you wish to schedule an individual counseling session with TIAA Senior Financial Planner, Paige Philips, call 800-732-8353 or visit www.TIAA.org/schedulenow   We encourage you to take advantage of the numerous webinars provided by TIAA.  Details are provided in the HR Monthly on the first Wednesday of the month.

— Marlene Heuertz, Human Resources