As shared by President Drinan at the Community Meeting on June 2, 2015 and communicated by Deans and Operating Team members at school and department meetings throughout the month of June, the Simmons College Board of Trustees voted to decrease the Simmons College Defined Contribution (DC) Retirement Plan contribution to a discretionary matching contribution for fiscal year 2016 (FY16). This action was taken to help the College deliver a financial performance of at least break-even in FY16.

Effective July 1, 2015, eligible employees who contribute 3% of their base salary to the DC Retirement Plan receive a 6% matching contribution from Simmons, a reduction from a 9% match in prior years.

Reducing the DC discretionary match was a very difficult decision to make because Trustees, the Operating Team and Deans recognized the impact such a reduction would have on retirement planning for so many members of the Simmons community. In making this tough decision, there was full agreement that if the College demonstrated stronger financial performance than budgeted, some or all of the 3% of the Plan match, may be reinstated prospectively by the Board of Trustees for active employees. 

Tools and Resources Available for Your Retirement Planning

To support our community with retirement planning and questions, we have outlined a series of offerings and contacts to support you now and throughout the year. We encourage all eligible faculty and staff to take advantage of the options and resources that work best for you:

• Complimentary on-site retirement plan consultations through TIAA-CREF: We continue to offer numerous, complimentary on-site retirement plan consultations with a consultant from TIAA-CREF. Last year over 100 faculty and staff took advantage of the on-site sessions at Simmons. TIAA-CREF consultants can help on retirement savings plans, investment fund options and selections, including consolidation of prior retirement plan options.
  • Please visit THCS' intranet page for the dates and location of where on-site sessions will be offered this year. We have included additional dates for the rest of the year.
    • To set up a complimentary on-site appointment with a TIAA-CREF consultant, please call TIAA-CREF at 1-866-843-5640 (M-F, 9AM - 8PM).
    • If you prefer to talk to a TIAA-CREF representative over the phone in place of an in-person meeting, please call TIAA-CREF at 1-800-842-2252 (M-F, 8AM - 10PM, Saturday 9AM - 6PM).
• TIAA-CREF Wealth Management Group: If you have retirement plan assets with TIAA-CREF (including prior accounts with other employers) in excess of $500,000, or if you have complex retirement planning needs, or if you are considering retirement in the next five years, you are eligible to access the services of the TIAA-CREF Wealth Management Group. The TIAA-CREF Wealth Management Group provides such individuals with highly specialized financial solutions and service. Please call TIAA-CREF at 1-866-220-6583 to see if you qualify for this service, and to set up an appointment.
   
• Adjusting you Voluntary Tax Deferred Annuity (TDA) Contributions: You have the ability to begin or increase your contributions to the voluntary Tax Deferred Annuity (TDA) plan (up to IRS limits) to make up for the retirement contribution changes resulting from the change to the College's contributions.
  • In calendar year 2015, eligible employees can contribute up to $18,000 between your 3% DC Retirement Plan contribution and the voluntary TDA contributions. Employees who are over age 50 or turning 50 by December 31, 2015 can contribute an additional $6,000 for a total of $24,000 in contributions in this calendar year.
  • The TDA plan can be set up at any time during the year. Contributions to the TDA plan can be changed at any time during the year.
  • Please visit the THCS intranet page for information on setting up a TDA account, and how to change your retirement plan contributions directly through Workday at your own convenience.
• Retirement Planning Sessions: In partnership with TIAA-CREF, THCS will be offering a series of retirement planning sessions throughout the year. These sessions include women's financial savings, investment skills, and integrating healthcare into your retirement. Session names and dates are available under the Tools and Resources section. Please sign up for the sessions that are of interest to you. Session reminders will be sent out prior to every training for your convenience.
   
• Support from THCS Staff: The THCS staff can assist you with general questions you have related to the retirement plan, contribution calculations, and additional TIAA-CREF support.

Please call us at 617-521-2084, email us at thcs@simmons.edu or stop by C-210 if you have questions, or would like to discuss retirement questions with a THCS team member. We hope you take advantage of these important resources and information throughout the year. 

Sincerely, 

Regina Sherwood, VP of Talent & Human Capital Strategy and Title IX Coordinator