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Your University of Rochester 403(b)
has rules worth knowing before you retire.

The University is Rochester’s largest employer, and its retirement program is generous. It’s also built on TIAA contracts with their own withdrawal rules. Here’s how it works and what to decide.

Your first step: Greg reads your paperwork, names the decisions in it and what needs attention first, and tells you whether a fuller review would help.

For faculty and staff of the University of Rochester and the University of Rochester Medical Center. Morrowgate is not affiliated with the University or TIAA.

Physicians, nurses, researchers, faculty and staff across the University and URMC share one retirement program.

For many long-serving employees it becomes their largest asset. The biggest decisions come at the end. How do you turn the account into income? What do you do with older TIAA contracts? Should you stay in the plan or move?

How the program works

PartHow it works
Your Voluntary ContributionsPre-tax or Roth, up to IRS limits. You can contribute from your first day.
Automatic enrollmentPre-tax contributions of 3% begin 60 days after hire unless you change them.
University Direct Contribution6.2% of eligible pay up to $67,600, plus 10.5% of pay above that (rates effective July 1, 2026). It starts after two years of service and isn’t a match: you receive it whether or not you contribute.
Credit for past jobsQualifying service at another college, teaching hospital or nonprofit research organization can count toward the two years. Submit the service credit form in myURHR Workday within 90 days of hire, or it won’t be applied retroactively.
RecordkeeperTIAA. Older accounts may also include supplemental retirement annuity contracts from before July 1992.
Extra savingsEligible employees can also defer into a 457(b) deferred compensation plan.

While you’re working

  • Contribute at least enough to use the IRS limit you can afford. The Direct Contribution is a base, not a full retirement.
  • Decide between pre-tax and Roth deliberately. High earners near retirement and early-career staff often answer differently.
  • If you’re eligible for the 457(b), learn its distribution rules before you use it. They differ from the 403(b).
  • Name beneficiaries on every TIAA contract and check them after any marriage, divorce or death.

Know your TIAA contracts

Not all TIAA money is equally liquid. TIAA Traditional, TIAA’s guaranteed account, can limit withdrawals under some contract types.

A full lump sum may not be available, or may be paid out over several years. The plan’s own description notes that withdrawals may be restricted by the terms of your TIAA contracts. Variable accounts and mutual funds are generally more flexible.

Before you retire, ask TIAA for a list of every contract you hold, the contract type, and the withdrawal and transfer rules for each. It changes what you can do and when.

Decisions at retirement

Leave it, roll it or annuitize

You can usually keep money at TIAA, roll eligible amounts to an IRA, or convert some to lifetime income. Many people do a mix.

Lifetime income

TIAA lets participants annuitize. Turning part of the account into a guaranteed check can do the job a pension would have done.

Taxes

Pre-tax withdrawals are federally taxable. Once you’re 59½, they may qualify for New York’s $20,000 annual pension and annuity exclusion. Confirm with your CPA.

Timing

Coordinate withdrawals with Social Security, Medicare at 65 and any 457(b) money, which has different penalty rules.

Bring these three documents

They answer most of the first questions, and they show what needs attention before any deadline.

1. A list of your TIAA contracts

Ask TIAA for every contract you hold and its type (RA, GRA, SRA, GSRA or RC/RCP). The type sets what you can withdraw, and when.

2. Your latest TIAA statement and beneficiaries

Shows balances by account and fund, and who inherits each contract. Beneficiaries are named contract by contract.

3. Your Social Security estimate

From ssa.gov. Add a 457(b) statement if you have one, since it follows different withdrawal rules.

What the Direct Contribution adds up to

Piece of payRateContribution
First $67,6006.2%$4,191
Next $22,40010.5%$2,352
Total for the yearAbout 7.3% of pay$6,543

That’s before any of your own contributions. Add the 3% automatic contribution and the same person saves about $9,243 a year, or more if they raise it. Rates and the breakpoint are the University’s for plan years starting July 1, 2026, and the breakpoint changes each year.

How Morrowgate helps. Greg maps every TIAA contract and account you hold, what can move and when, then builds a retirement income plan around it with Social Security and taxes. If some money should stay at TIAA or be annuitized, he’ll say so. Anything that moves is held in your name at Fidelity, with Schwab available.

Questions UR and URMC employees ask

Is the University of Rochester retirement plan a match?

No. After two years of service, the University contributes whether or not you do. As of July 1, 2026, it’s 6.2% of eligible pay up to $67,600 and 10.5% above that.

Does service at my last job count toward the two years?

It can. Service at another college or university, a teaching hospital, or a nonprofit research organization may count. Submit the service credit form in myURHR Workday within 90 days of hire.

Can I roll my UR 403(b) into an IRA when I retire?

Eligible amounts generally can be rolled over, but some TIAA contracts restrict how and when certain money can be withdrawn or transferred. Check each contract.

Does URMC have the same plan?

URMC is part of the University of Rochester, and employees generally participate in the University’s Retirement Program. Confirm your eligibility with HR.

Can I take a loan from my UR 403(b)?

The program allows loans against pretax money in certain TIAA contracts, subject to plan rules.

Where this guidance stops

This article is general education on the University of Rochester Retirement Program: how the rules and the options generally work.

It is not tax, legal or investment advice, and nothing here is a recommendation for your situation. Rules change and outcomes turn on the facts, which is why a CPA and an attorney look at a family’s own numbers before anything is done.

Sources

Keep reading

Retiring from the University or URMC?

Map your TIAA contracts before you decide.

Tell Greg your retirement timing and what your TIAA statement shows. He replies by email, usually within one business day.

Your first step: Greg reads your paperwork, names the decisions in it and what needs attention first, and tells you whether a fuller review would help.

Review my UR retirement plan