JEFFERSON

JUP Retirement Plan

These are important details regarding this plan.

ELIGIBILITY

You will be eligible to participate in the plan if you have attained age 21, are paid on JUP’s regular biweekly payroll and you either:

  1. are scheduled to work at least 40 hours or more biweekly; or
  2. complete 1000 hours of service in either your first 12 months of employment with JUP or in any plan year after you begin employment.

CONTRIBUTIONS

Jefferson will make contributions to this plan based on plan rules according to the following schedule.

Years of Employment %
Less than 5 years 3.50%
5 - 10 years 4.50%
10 or more 5.50%

EMPLOYER MATCHING

Jefferson does not make matching contribution to this plan.

VESTING

"Vesting” refers to employees' right, usually earned over time, to receive some retirement benefits regardless of whether or not they remain with the employer. You will be vested in the employer contributions upon completion of 1000 hours of service or upon your attainment of normal retirement age while still an employee.

INVESTMENTS

Your employer offers you a variety of investment choices from an array of asset classes. You can see a list of the investment choices under this plan on the Investment Choices page.

EXPENSES

Expenses vary from investment to investment. To learn about expenses associated with an investment, see a list of the investment choices under this plan on the Investment Choices page, and read the Fact Sheet or the prospectus for that investment.

DISTRIBUTIONS

You have a variety of options1 when it’s time to take income from this plan:

While you are working, you are permitted to withdraw vested amounts credited to your account (other than amounts pledged as security for a loan). Depending upon the funding agency and sub-account from which you wish to make the withdrawal, certain restrictions may apply.

  • Withdrawal of Amounts in Account After 2 Years

    You may withdraw any or all of the vested interest in your account, provided that the amounts that you wish to withdraw have been in your account for at least two years prior to the date of the withdrawal.
     
  •  Withdrawal After Participating for 5 Years

    If you have been a Plan participant for more than five years, you may withdraw any or all of the vested interest in your accounts.
     
  •  Withdrawal After Age 59½

    You may withdraw any or all of your vested interest in your account after you reach age 59½.
     
  •  Withdrawal of Rollover Contributions

    You may withdraw any or all of your Rollover Contributions at any time. You have a variety of options1 when it’s time to take income from this plan:

  • Hardship Distribution

    If your plan permits, you can withdraw your elective deferrals (but not earnings) due to financial hardship while still employed.
    • Generally, you must show an immediate, significant need that cannot be met with other resources, including loans from your retirement plan.

Upon separation from service at Jefferson, you have the following withdrawal options: 

  • Fixed Period

    You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy).

    • Payments stop at the end of the period, during which you will have received all your principal and earnings.
        
  • Interest Only

    You can receive the current interest earned on your TIAA Traditional Account in monthly payments. Your principal remains intact while you receive the interest.

    • These payments are generally available to individuals between ages 55 and 70½ when minimum distributions are required.
       
  • Lifetime Retirement Income

    • One-life annuity — provides income for as long as you live.
       
    • Two-life annuity — provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.
       
    • One- or two-life annuity with guaranteed period — guarantees income for up to 20 years, as long as the period you choose does not exceed your life expectancy. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you (one-life annuity) or both you and your annuity partner (two-life annuity) die before the end of that period.
       
  • Lump Sum

    You can withdraw all or part of your account in a single cash payment, depending on your plan rules and the terms of your contracts.

    • Your right to a lump-sum distribution from your TIAA Traditional Account may be restricted to taking 10 annual payments under those terms.
       
  • Minimum Distribution Option

    Generally, you must begin taking minimum withdrawals from your account by April 1 following the year in which you turn age 70½ or retire, whichever is later.

    • This can help you defer the minimum required distribution while keeping you in compliance with federal regulations.
       
  • Retirement Loan

    Some retirement plans allow you to borrow funds from your account.

    • Generally, under the Internal Revenue Code the maximum loan allowed from all your employer's plans is up to $50,000 or 50% of your vested accumulation, whichever is less. (This may be further limited by the terms of your contract.)
       
    • Borrowing funds from your retirement plan is a nontaxable event as long as you repay your loan in full.
       
  • Rollover

    If you have had an IRS-defined "triggering event," and your plan allows withdrawals, you can roll over your accumulations to another retirement plan that will accept them or to an Individual Retirement Account (IRA).

    • Direct rollovers — from one account to another — are nontaxable and not reported as income to the federal government. Your plan's rules specify when you are eligible for a distribution.
       
  • Retirement Transition Benefit

    If your contract allows, you can withdraw, in cash, up to 10% of your accumulation at the beginning of a conversion to lifetime annuity income. The amount you withdraw will reduce your lifetime annuity income accordingly.
     
  • Single-Sum Death Benefit

     A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.
     
  • Small-Sum Distribution

    Upon separation from service you may be able to withdraw your TIAA Traditional accumulation if the value does not exceed $2,000. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply.
     
  • Systematic Withdrawals

    If your plan allows, you can choose to receive regular income payments (minimum $100) on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time.

    • These withdrawals are not available from TIAA Traditional Account balances.
       
  • TPA to Cash

    If your plan allows, you can withdraw your TIAA Traditional Account accumulation through a Transfer Payout Annuity (TPA) in 10 approximately equal annual payments. A lump-sum payment, subject to a surrender fee, may be available depending on your plan rules and the terms of your contract.
If you're married, you may be required to get spousal consent to receive any distribution option other than a qualified joint and survivor annuity.

This plan is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.

This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply.

TAXATION

Because you make contributions with pretax dollars, federal income taxes are deferred until you begin taking withdrawals later on.

No taxes are due on contributions and earnings until the money is withdrawn, but because these plans are intended primarily for retirement, you can generally withdraw funds only after termination of employment (subject to plan rules).

For additional information and guidance, contact your tax advisor.

LOANS

Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer. How much you can borrow depends on the amount you currently have in the plan and whether you have other outstanding loans. If you have accumulations in other employers' plans, you may be able to transfer or roll them over to this plan to increase your maximum loan amount if this plan accepts rollovers.


1 The availability of certain distributions may depend on the type of contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. Contact TIAA-CREF at 800 842-2252 for details.

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