Retirement Savings Plan Considerations for Retirees

As an active faculty or staff member, you were either eligible to participate in Penn’s Retirement Savings Plans or the Retirement Allowance Plan (RAP). Depending on your Penn employment history, you might have participated in both plans.

 

ON THIS PAGE:

The Retirement Savings Plans

When you decide to retire, you will have choices to make regarding your retirement savings plans. If you were participating in the Basic, Matching, or SRA Plans, you may elect to receive a distribution of your account.  To learn about your options, call the TIAA Retirement Call Center at 877-736-6738.

Withdrawals for Active Retirees

If you are a retiree who is currently working for Penn in any capacity, you are considered an active employee for the purposes of the retirement savings plans and are not eligible for a Separation-From-Service Withdrawal. However, you may take an In-Service Withdrawal if you meet the minimum age requirement of 59 1/2.

Retirement Allowance Plan

If you have a benefit under the Retirement Allowance Plan (RAP), you must contact the Human Resources/Benefits Office at 215-898-7282 approximately 90 days prior to your retirement date. A final benefit will be calculated and your payment options will be discussed at that time.