Retirement

People are living longer than ever. Advances in medicine & technology are not only helping us live longer, but live better as well. A healthy and happy retirement requires careful planning. At West Virginia State University, we are committed to supporting you through this process and beyond.

Contributions

  • Employee Contribution – Employees must contribute 6% of their gross salary to the retirement plan of their choice. Contributions begin on the date of employment and are vested 100% immediately. Employees may allocate monthly contributions to a variety of investment options available in their plan of choice.
  • University Contribution – The University will match the employees 6% of their gross salary.
  • Contribution Limits – According to the IRS, there are limits to how much employers and employees can contribute to a plan (or IRA) each year. The plan must specifically state that contributions or benefits cannot exceed certain limits. The limits differ depending on the type of plan.

How to Enroll

The enrollment process will take place during your Benefits Enrollment Session which is scheduled upon employment.

  • You should have completed a Vendor Selection Form during your Benefits Enrollment Session to select your plan of choice.
  • Enrolling in TIAA:
    • Paper Form Enrollment –   You will complete the paper enrollment form and submit it to the Benefits Coordinator during your benefits session.
    • Online Enrollment – You will go to their website at https://www.tiaa.org/public/tcm/marshall/home. There you can see all the options available for the university. You will follow the screen as instructed.

Retirement Checklist

To plan your retirement, please follow our Retirement Checklist. The list will provide you with the resources you need and the time-frame for your process.

Social Security Resources

A federal program that provides retirement income, disability benefits, and health care for people 65 and older.  For every dollar withheld from an employee’s pay check, the University contributes an equal amount.  Detailed information about particular benefits can be obtained by contacting the Social Security Office.


Social Security Contact Information:

Phone – 1-800-772-1213 between 7 a.m. and 7 p.m. Monday through Friday. TTY 1-800-325-0778) Automated Service – 1-800-772-1213 Email – https://faq.ssa.gov/ics/support/ticketnewwizard.asp?style=classic  Local Office – https://secure.ssa.gov/ICON/main.jsp Mail – Social Security Administration Office of Public Inquiries 1100 West High Rise 6401 Security Blvd. Baltimore, MD 21235

Voluntary Retirement Programs

Additionally, both retirement plans have two voluntary retirement programs available in the form of a 403(b) tax-sheltered annuity plan and a 457(b) deferred compensation plan.  Deductions may begin or end at any time. These two plans are optional to the required 6% contribution by the employee and are NOT matched by the institution.

Frequently Asked Questions

Please refer to the Retirement FAQ

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