Need Help?

Skip to Content

CCA Portal

HR_SP21_BenefitsGuide_PortalBanner.png

CCA Retirement Plan Information

Last updated on Nov 01, 2024

TIAA 403(b) Retirement Plan

Providing retirement benefits is one important way we care for CCA employees and their families. The CCA retirement plan administered through TIAA provides employees with the opportunity to build savings to meet long-term financial goals. The plan gives you two ways to save:

  • You may contribute to the Traditional 403(b) plan on a pre-tax basis, and/or
  • You may contribute to the Roth 403(b) plan on a post-tax basis

Traditional 403(b) Plan

Roth 403(b) Plan

Plan Benefits

Save for your future with pre-tax dollars.

Save for your future with post-tax dollars.

Tax Advantages

Your contributions are tax free and lower your taxable income now. You pay tax on your contributions and investment earnings when you withdraw funds during retirement.

Your contributions are made with post tax dollars. When you withdraw funds during retirement, you do not pay taxes on your contributions; however, your investment earnings may be subject to state income tax.

Annual Contribution Limits

For 2024: The IRS combined annual maximum for 2024 is $23,000; once you reach age 50, you can make additional contributions up to $7,500.

For 2025: 2025 IRS Limits (this is based on your age in 2025):
>>Employees age 49 and younger are eligible to elect up to $23,500 in retirement contributions as either a Traditional 403(b) or as a Roth 403(b) or a combination thereof.

>>Employees age 50 and older are eligible to make a retirement “catch-up” contribution up to $7,500, as either a Traditional 403(b) or as a Roth 403(b) or a combination thereof, for a maximum total contribution of $31,000 in a calendar year.

>>Employees that will attain age 60-63 in 2025 will be able to make a retirement “catch-up” contribution up to $11,250, as either a Traditional 403(b) or as a Roth 403(b) or a combination thereof, for a maximum total contribution of $34,750 in a calendar year.

Employer Match

CCA will match an eligible participant's contributions up to 2.5% of your salary. CCA's contributions are vested after two years of service. Please note that the CCA match is calculated on a per pay period basis. To take full advantage of the match, it is recommended that you disperse your contributions over the full calendar year.

Plan Investments

Wide range of funds available, including a brokerage option; make and change investments online at tiaa-cref.org/cca.

Rollovers

You can choose to rollover your 401(k) or 403(b) from a former employer. Please contact TIAA at 800-842-2252 to speak with a financial consultant who can walk you though the process.

Enrollment

You can start, stop and change your retirement elections at anytime in Workday. Type "Retirement Savings Elections" in the Workday search bar and follow the prompts from there.

No Cost Retirement & Financial Planning Online Consultations

No cost personal financial consulting with a licensed advisor from SageView Advisory Group, CCA’s retirement advisor, is available to all employees. SageView's Eric Weissman is available to discuss retirement plans or other financial matters. Get help with topics such as:

  • Investment Allocation
  • Budgeting & Saving Strategies
  • Retirement Income Analysis

CCA employees may reach out to Eric directly using his contact information below.

Eric Weissman, AIF®

Financial Wellness Consultant

SageView Advisory Group

(650) 446-3790

eweissman@sageviewadvisory.com

CCA Retirement Plan Contact Information

For Workday assistance

Contact benefits@cca.edu

For questions related to rollovers, loans, plan rules or distributions

Contact TIAA at (800) 842-2252

For questions related to retirement and financial planning

Contact Eric Weissman, SageView Advisory Group, (650) 446-3790, eweissman@sageviewadvisory.com

Related Links