Dear Baylor Faculty & Staff,
We're excited to share that last week, the Baylor Board of Regents approved an increase to Baylor's discretionary retirement contribution to the Baylor Retirement Plan. This change, which is effective retroactively to June 1, 2021, will increase the contribution percentage from the current rate of 8% to 10.8%.
If you are eligible to receive Baylor's discretionary contribution, here is what to expect:
- For plan participants paid on a biweekly basis, you will see the increased contribution rate of 10.8% beginning on the payroll ending on November 13. Plan participants who are paid monthly will see the increased contribution rate of 10.8% beginning on the payroll ending on November 30. This contribution will appear on pay slips labeled as Baylor Retirement Plan Employer. You can continue to view your pay slip within Ignite.
- The retroactive contribution amount of 2.8% (10.8% new rate less 8.0% previous rate), will be calculated based on your earnings for any pay period in which you were eligible to receive the discretionary retirement contribution from June 1 to October 31 for those paid on a monthly payroll cycle OR from June 1 through October 30 for those paid on the bi-weekly payroll cycle.
For plan participants paid on a biweekly basis, you will see the retroactive 2.8% contributions on the payroll ending on November 13. Plan participants who are paid monthly will see the retroactive 2.8% contributions on the payroll ending on November 30. This retroactive 2.8% contribution will appear separately on pay slips labeled Baylor Retirement Plan Employer Retro.
Below is a sample pay slip illustrating how the 10.8% and the retroactive 2.8% amounts will appear.
- You should expect to see your employer retirement contributions in your account at TIAA on or before November 22 for those paid on a bi-weekly payroll cycle and on or before December 1 for those paid on a monthly payroll cycle. You can view your retirement account at TIAA at www.tiaa.org/baylor.
You are not required to take any action for this increase to take effect. If you have questions on your retirement account, please reach out to TIAA. For any other HR related questions, you can reach out to Baylor HR at askHR@baylor.edu or 254.710.2000.
NOTE: Original notice emailed from Baylor Human Resources on Tuesday, November 9, 2021.