Retirement Plan RC/RCP Contracts
October 29, 2018
Lewis & Clark continually seeks to improve the benefits offering for employees and retirees, including the retirement plan. The Retirement Plan Committee at Lewis & Clark recently conducted a structural review and made changes to the retirement plan. In concluding the plan review, many aspects of the retirement plan remained the same; however, one key improvement made to the plan was the addition of TIAA’s Retirement Choice (RC) and Retirement Choice Plus (RCP) annuity contracts. While you are not required to act today, the Retirement Plan Committee at Lewis & Clark wanted to make you aware of the following:
- All employees currently contributing to the retirement plan will be enrolled in the new TIAA RC/RCP annuity contracts.
- What’s the benefit? The structure of TIAA Traditional in the RC/RCP contracts may be more beneficial to you, as it will include more liquidity and it may have the potential for higher returns. The new structure will provide increased flexibility for the plan and its participants.
- Fall 2018: You should receive an enrollment packet from TIAA related to the new RC/RCP contracts. Please read the materials in this packet carefully and follow any instructions provided.
- Early 2019: The new RC/RCP contracts will be available to Lewis & Clark employees. For employees actively receiving retirement plan contributions at Lewis & Clark, all annuities will remain in the RA, GSRA, SRA, and GRA with TIAA while the mutual funds will be moved to the new RC and RCP contracts; in addition, future contributions will be directed to the new RC and RCP contracts.
Where to Learn More:
- Join representatives from Lewis & Clark to learn more about these changes. No need to RSVP; join us at the following (locations) and we look forward to sharing more with you:
- Monday, November 5 from 12 – 1 on the LAW Campus in Blg #L1 LRC Classroom 5
- Wednesday, December 19 from 12 – 1 on the GRAD Campus in Bldg #85 YORK 107
- Wednesday, January 16 from 12 – 1 on the CAS Campus in Albany 220
- To sign up for a one-on-one meeting, call 1-800-732-8353 or schedule online www.tiaa-cref.org/ScheduleNow (Choose One-on-One Consultations - At your workplace – Oregon – Lewis & Clark College)
- View this FAQ - Understanding Your New Retirement Choice, Retirement Choice Plus Annuity Contracts For Plan Participants
Again, no action is required at this time, but be on the lookout in the coming months for additional information and the ways in which this new contract structure will benefit you. If you have any questions, please do not hesitate to reach out to the HR office by email email@example.com or phone 503-768-6235.