Retirement Program Changes
Harvard is making changes to the investment options and management available through the retirement programs, both those funded by the University and those you fund yourself. The following changes were effective as of April 9:
- A new simplified investment lineup where all plan contributions are directed, effective April 9. The lineup includes mutual funds and annuities provided by Vanguard and TIAA, including the default investment Vanguard Target Retirement funds, along with a new TIPS fund option from Schwab.
- A single platform managed by TIAA at TIAA.org/harvard for retirement account administration and recordkeeping with one website where employees can view and elect investments and make changes. All participants now have an account on the TIAA platform.
- IMPORTANT NOTE: Due to the COVID-19 pandemic and resulting stock market volatility, Harvard has postponed the transfer of existing balances at Fidelity and Vanguard to the new TIAA platform. Participants will be notified when a new transfer date has been determined. Read the March 25, 2020 letter.
- Learn more about the changes and transition.
Harvard University Retirement Center (HURC) and the TIAA Platform
You have several ways to manage your retirement plans, both online and by phone, depending on your preference. By calling the HURC at 800-527-1398 (weekdays from 8 a.m. to 5 p.m. EST), you can manage all your retirement plan, TDA and 457(b) accounts, including starting, stopping or changing contributions to your TDA and/or 457(b) accounts, electing or changing investments for all your retirement plan accounts*, and changing where future contributions are directed. The HURC is also available to answer your retirement plan questions. You can also go to the HURC online to open and make changes to your TDA and/or 457(b) contribution amounts.
When you visit the new multi-vendor online platform at TIAA.org/harvard, you can select investments from Harvard's investment lineup for your retirement, TDA and 457(b) accounts, transfer balances between investments*, and change where future contributions are directed. You can also open a TIAA brokerage account. And you can make important personal updates, like designating or changing your beneficiaries, updating your address, elect to receive information electronically and more.
* Note for faculty and staff employed before April 9: If you have a retirement account, TDA or 457(b) account balance at Fidelity or Vanguard, those existing balances will remain at these vendors and in your current investments. No new contributions or transfers can be directed to existing accounts, but you can view and manage existing accounts through those vendors. A transfer date to the new TIAA platform and investment lineup will be announced when available.
To learn more about your retirement benefits, you can attend free, on-campus educational seminars or take advantage of live and prerecorded webinars. View our Financial Education Calendar for upcoming programs and registration information. You can also visit TIAA.
These recorded presentations can help you get started:
- Plan de retiro en Espanol (from TIAA)
- Roth TDA Option: Learn about the Roth features, determining if the Roth contribution option in the TDA might be right for you, and how to enroll
Retirewise - free retirement planning workshops
Comprehensive workshop presented by MetLife, free for faculty, staff and spouses/partners, over two half days. Sessions are offered several times a year. Check back for next session date.
Whether you’re just starting out or close to retirement, have had a recent life change, or just want to make sure you’re on track, through Harvard's retirement plans you may meet with a TIAA financial advisor at no cost. TIAA advisors can look at your financial situation, discuss your goals and help create a plan to reach those goals. Note that all appointments are online or by phone at this time due to the Coronavirus outbreak.
Schedule an investment advice session online by visiting TIAA.org/schedulenow or call 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET).
Online Planning Tools
Get help developing a sound financial and retirement plan by accessing these online resources. Visit TIAA.org/tools for convenient resources and tools that can help you on the path to long-term financial security.
Create your own retirement action plan
Explore the Retirement Advisor tool:
- Receive a custom retirement plan in five steps
- Receive savings and investment recommendations
Discover your retirement income needs
Try out the Retirement Income Illustrator:
- Find out how much of your current income you may need to replace in order to cover retirement expenses
- Explore your retirement income options
- See your estimated monthly retirement income and learn how to maximize it
Track all of your accounts in one place
Use the 360° Financial View:
- Consolidate your information from more than 11,000 financial institutions in one place
- Track your spending
- Set up email alerts
- Create a budget that works for you
Steps for Those Close to Retirement
When you're getting closer to retirement and considering your options, Harvard provides additional guidance.