Saving for Retirement
Penn's Retirement Plans Have Transitioned to TIAA
In April 2021, Penn's retirement plans transitioned to TIAA. Visit the Transition to TIAA information page for details. If you have any questions, please call the TIAA Retirement Call Center at 877-736-6738.
Enroll or Make ChangesEnroll in the Retirement Savings Plan at TIAA, or make changes to your elections at TIAA.org.
It's never too early – or too late – to start saving for retirement. Penn makes it easy with three plans that help you save money now and build for the life you want in the future.
As part of a generous total compensation package, Penn offers three retirement savings plans to eligible faculty and staff. These options give you choices so you can save the amount you want in the way that you want.
You also have access to Human Resources events and workshops that help you plan for your particular needs, whether you're just beginning your career or you're ready to set a retirement date. Penn's retirement savings plan partner, TIAA, is also here to help you make the most of your investment dollars. TIAA representatives provide personalized retirement counseling at no additional cost to you right on campus.
Penn makes contributions to the Basic Plan on your behalf, up to 4% of your base pay depending on your age. Eligible participants don’t have to do anything to enroll. You're automatically enrolled after one year of service.
Maximize your retirement savings with the Matching Plan. Make contributions of up to 5% of your standard pay. After one year of service, Penn will match your contributions dollar for dollar.
Continue to build your savings with the Supplemental Plan. Matching Plan participants can make contributions beyond 5%. Supplemental Plan contributions are not matched by Penn, but tax-advantaged payroll contributions allow you to save as much as you want. The plan is also open to other positions not eligible for the Basic and Matching plans.
Connect with TIAA
Connect with TIAA online or by phone. You can also schedule a counseling session at no additional cost to you, where a representative can help you with your investment choices.
Online - TIAA
Phone - TIAA Retirement Call Center at 877-736-6738
Counseling sessions - Make an appointment online here, or call 800-732-8353. (Due to the coronavirus pandemic, all counseling sessions are held by phone or online until further notice.)