The following email was sent to faculty and staff by Director of Human Resources Marty Mastascusa on March 17.
End of Blackout Period at Transamerica and TIAA
Please be advised that the blackout period associated with the March 1, 2016Transamerica implementation is now over, about a week ahead of schedule. Information on how to access account information on the Transamerica site is attached. TIAA - which is the official new name for TIAA-CREF - is also out of the blackout period. Information for the participants who have investments with TIAA can be accessed through the TIAA website: www.tiaa.org
Every employee has a Transamerica account and it serves as the master administrator for the Bryn Mawr College Retirement Plan. Salary reduction changes are now made through the Transamerica site, as is enrollment in the Retirement Plan itself. Vanguard funds are now on the Transamerica platform, as are funds from four other fund companies, as the College is no longer restricted in offering funds from just TIAA and Vanguard.
If you did not make any changes prior to the blackout period, your account has been defaulted so that future contributions are made to a Vanguard Target Date fund based on your age.
Employees can designate that future contributions be sent to TIAA on the Transamerica website, but TIAA investments remain on the TIAA platform and the actual TIAA fund selection needs to occur through the TIAA website. If an employee selects that contributions be made to TIAA on the Transamerica platform but then does not select a fund on the TIAA platform, future contributions will be made to the CREF Social Choice account.
If you have funds that are now on the Transamerica platform that you want to have with TIAA (or vice-versa) please contact me and I will send you the appropriate transfer form.
Additional Information for New Employees
Enrollment information for Transamerica and TIAA is on the Human Resources website: http://www.brynmawr.edu/humanresources/Transamerica.html
I would recommend that anyone hired on or after July 1, 2015 who will be eligible for a College contribution go on the Transamerica site - as well as the TIAA site, if applicable - to enroll. Human Resources will be sending out information approximately one month ahead of the 8-month eligibility period, However, there is no requirement that prevents new employees from enrolling earlier.