TIAA 2022 Annual Savings Limits

Constant demands on your money make it hard to save for your retirement. So why not make it easier and more convenient? Take advantage of tax-deferred payroll deductions through the University of Hartford’s Defined Contribution and Tax-deferred Annuity Retirement Plan, managed by TIAA. 

You already know that your pre-tax contributions allow you to reduce your current federal income taxes. Don’t forget that current tax law also allows you to save even more through your retirement savings plan.

For calendar year 2022, most regular full time and regular part time faculty and staff can contribute up to $20,500 in voluntary deductions. Staff and faculty age 50 an older are also able to contribute an additional $6,500. In addition, if you have more than 15 years of service at the University of Hartford, you may be able to contribute an additional $3,000 per year, to a lifetime maximum catchup of $15,000 (TIAA will determine eligibility for this additional catch up).

Saving just a little more money from each paycheck now can make a big difference when you retire. So why not increase your contributions today? The sooner you do, the sooner any earnings on your money can grow tax deferred. 

If you plan to maximize your 2022 contributions, please contact HRD at hrd@hartford.edu to request the proper calculations be completed for you. 

In addition, consider scheduling a free, individual counseling session with TIAA to make sure your current investment strategy is in line with your retirement goals. If you are interested in meeting with the University’s dedicated TIAA Consultant, please visit the TIAA website at www.tiaa.org or call 1.800.842.2776 to schedule a personal and confidential appointment. 

If you have any questions, please Human Resources at 860.768.4666 or hrd@hartford.edu. 

Planning for your retirement is an important step towards your financial security. We are pleased to provide you with retirement savings options through TIAA.