Clemson University understands the importance of planning for retirement. The Clemson University 403(b) Plan is a tool to help faculty and staff pursue personal financial goals.
The Office of Human Resources is pleased to announce several upcoming enhancements to the 403(b) Plan designed to deliver a lower cost structure, new investment choices, streamlined administration and a high level of retirement planning education and digital services. While many aspects of the 403(b) Plan will remain the same, some are changing to facilitate the enhancements. The following updates will be effective November 15, 2024.
Changes to the available 403(b) Plan providers
Moving forward, Clemson will offer two 403(b) Plan providers, Corebridge Financial and TIAA, for ongoing contributions to the 403(b) Plan. Corebridge Financial and TIAA offer products and services that are innovative, straightforward and easy to use, with a unique emphasis on personalized service to help Clemson’s faculty and staff prepare for their financial future.
All other current 403(b) Plan providers will be discontinued and will no longer accept contributions through payroll deductions as of November 1, 2024. Accounts with other plan providers will not be closed and balances will not be transferred.
Current participants in the 403(b) Plan will receive direct communications from the Office of Human Resources and Corebridge with action steps for the transition.
New process to enroll, make contribution changes, and choose providers
All new enrollments in the 403(b) Plan, contribution rate changes and selection of Corebridge and/or TIAA as a 403(b) Plan provider will be done through a new online website.
New Roth after-tax contribution option
The 403(b) Plan will also offer a Roth after-tax contribution option. The Roth option offers a way to set aside after-tax money and make tax-free withdrawals of principal, interest and earnings if certain conditions are met. Take tax-free distributions after the end of the five-year period beginning with the first year for which a Roth contribution was made to the Plan and reaching age 59½, death or disability.
New investment choices
The 403(b) Plan’s investment options will be adjusted and provide choices to create a more diversified investment portfolio and to help achieve retirement planning needs. In some cases, this will even result in reduced administrative and investment management fees. The new investment lineup will be included in the plan transition guide sent to all faculty and staff in early August.
Simplicity and support
The streamlined 403(b) Plan and simplified providers will offer ease in managing accounts. Corebridge and TIAA will offer online access through websites, that will allow participants to view their status, make changes to their accounts and request support through a preferred contact method. Local financial professionals with Corebridge and TIAA are also available to offer one-on-one support in-person or virtually, when needed.
Watch for more information
The Office of Human Resources and Corebridge will provide participants and the University with updates along the way. No action is required at this time, but more information will be provided:
| Week of October 7, 2024 | Participants will receive a plan transition guide with information about the changes. Faculty and staff who participate in the plan should carefully review the guide for relevant dates, specific action steps and resources available. |
| Starting the week of October 14, 2024 | Seminars, virtual webinars and one-on-one meetings to learn more about the plan changes will take place both on-campus and virtually. Look for a detailed schedule of meetings in the transition guide and in future faculty and staff communications. |
Questions? Contact Benefits within the Office of Human Resources.
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