Beginning December 17, 2024, employees will have access to an online portal, USM Retirement@ Work, which will replace the current DocuSign form process. This portal will allow you to enroll and make changes in real-time to your supplemental retirement accounts with TIAA and Fidelity.
QUIET PERIOD
While the new system is being set up, there will be a quiet period from November 13, 2024, through December 16, 2024, during which no changes can be made to any TIAA or Fidelity supplemental retirement accounts.
IMPORTANT: employees who are going to exceed the 2024 IRS contribution limits in December must stop their contribution now, using the current DocuSign forms by November 13, 2024. Any changes made by Wednesday 11/13/2024 will take effect on the 12/06/2024 paycheck.
No new enrollments, changes, or cancellations can be made to the 12/20/2024 paycheck, due to the required quiet period in preparation for the switch to the online portal.
On December 17th, when the USM Retirement@Work portal is live, you will be able to login and make changes again to your TIAA and Fidelity accounts. Those changes will take effect on the first paycheck in the 2025 calendar year: January 3, 2025.
Please note: all existing contributions will continue for the remaining three paychecks (11/22, 12/06, and 12/20) in the 2024 calendar year. No action is required by employees for their contributions to continue at the current amount.
WHAT’S CHANGING?
With the new USM Retirement@Work portal, you can now manage your TIAA & Fidelity supplemental retirement accounts online. You will be able to:
- Make Contribution Changes: change your bi-weekly contribution amount and/or how your funds are spread over your accounts with your retirement vendors (TIAA and Fidelity).
- Track Your Progress: see a snapshot of all your investments and view current and past transactions.
- Make Informed Decisions: learn more about your retirement plans and use calculators and other tools to help plan for the type of retirement you want.
In the USM Retirement@Work portal, you can choose from 4 different plan options:
- Pre-Tax 403b
- ROTH 403b
- Pre-tax 457b
- ROTH 457b – NEW for 2025!
WHAT’S NOT CHANGING:
- You can still login to your TIAA or Fidelity USM accounts anytime to view your balances, allocate your funds, and designate your beneficiary.
- Your current plan elections and deduction amounts will remain the same, unless you make a change in the portal after December 17th.
- Your current investment choices and fund allocations will remain the same.
MSRP/Nationwide accounts
For employees who have a supplemental account with MSRP/Nationwide, your access will still occur through the MSRP/Nationwide website. Nationwide accounts will not be affected by the new USM Retirement@Work portal.
Not enrolled in a supplemental retirement account yet?
You will be able to enroll in a TIAA or Fidelity account through the USM Retirement@Work portal beginning on December 17, 2024.
Employees can enroll in a MSRP/Nationwide retirement account at any time on the MSRP/Nationwide website.
More to come!
More information will be provided before the USM Retirement@Work portal goes live on December 17th. Please stay tuned!
Questions?
Please email hrbenefits@umbc.edu or visit the HRSTM Supplemental Retirement Account website for the most up-to-date information, including the 2025 Contribution limits memo and link to the USM Retirement@Work website on December 17th when it is live.