Retirement Savings
Lewis & Clark College offers 403(b) and Roth IRA retirement plans through TIAA, providing employees with a valuable opportunity to save for their future with pre- or post- tax contributions. After one year of employment, Lewis & Clark is proud to offer an immediately-vested 9% employer contribution to each employee’s 403(b) account – no employee match required.
TIAA L&C Mini Site Set up Your Online Account Schedule a Meeting with a TIAA Advisor
403(b) vs. Roth Contributions – Choosing the Right Option
Employees at Lewis & Clark College can contribute to their TIAA 403(b) retirement plan in two ways: Traditional 403(b) (Pre-Tax) Contributions and Roth (After-Tax) Contributions. Both options help you save for retirement, but they differ in how they impact your taxes.
Key Differences:
| Feature | Traditional 403(b) (Pre-Tax) | Roth 403(b) (After-Tax) |
|---|---|---|
| Tax Treatment Now | Contributions reduce taxable income and are not taxed upfront. | Contributions are made after taxes (no immediate tax benefit). |
| Tax Treatment in Retirement | Withdrawals (including earnings) are taxed as ordinary income. | Qualified withdrawals (including earnings) are tax-free if you are 59½+ and have held the account for 5+ years. |
| Employer Contributions | Always pre-tax (employer contributions and earnings are taxed when withdrawn). | Roth contributions do not impact employer contributions. Employer match remains pre-tax. |
| Best for… | Those who want to lower taxes now and expect to be in a lower tax bracket at retirement. | Those who want tax-free retirement income and expect to be in a higher tax bracket later. |
Can I Contribute to Both?
Yes! You can split your contributions between pre-tax 403(b) and Roth 403(b) to diversify your tax strategy. However, your combined contributions cannot exceed the IRS annual limit ($23,500 in 2025, with additional catch-up contributions for those age 50+ ($7,500 extra) and 60–63 ($11,250 extra)).
***Lewis & Clark’s contributions can be made only to the 403(b) account. Unfortunately, L&C is unable to contribute to the Roth IRA***
Need Help Choosing? Consider your current vs. future tax situation or consult with a financial advisor from TIAA for personalized guidance.
Our TIAA Account Advisor for Lewis & Clark College
To sign up for a one-on-one meeting, call 1-800-732-8353 or schedule online www.tiaa-cref.org/ScheduleNow (Choose One-on-One Consultations - At your workplace – Oregon – Lewis & Clark College)
Employees are automatically enrolled in TIAA beginning their second month of employment. The automatic contribution is 3% and it is deducted pre-tax from your paycheck each month.
- You may waive contributions in Workday when you elect your benefits during your first month of employment.
- You can also change your retirement contribution in Workday at any time.
***Changes to retirement contributions submitted on or after the 20th of each month will not take effect until the following month’s payroll.***
Retirement contributions can be changed at any time.
If you submit your change prior to the 20th of the month, the change will take effect as of the paycheck at the end of that month.
If you submit your change on or after the 20th of the month, the change will take effect as of the paycheck you receive the following month.
Step One (Employee):
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In the Workday search bar enter “Change Benefits”
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Select the “Change Benefits” task
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Select “Retirement Savings Change” as the Change Reason
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If submitting the task prior to the 20th of the month, enter today’s date as the Benefit Event Date
- If submitting the task on or after the 20th of the month, enter the date as the first of the following month
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Click Submit > Done.
Step Two (Employee):
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Navigate to your Workday Inbox
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Click and open the Benefit Change task
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You will then have the option to manage your elections for both your 403(b) and Roth 403(b)
- For the plan you’d like to alter, click “Manage” or “Enroll”
- You can then select or waive your TIAA employee contributions for both the regular (available to all employees) and catch-up (available to employees 50 years old and up) contribution categories. Then click “Confirm and Continue”
- Workday will first show your estimated 9% contribution from Lewis & Clark – you will be automatically enrolled in this during your 13th month of employment, and no action is needed. Click “Save”
- You will now be able to alter your contribution amounts. Alter each amount and click “Save” to move to the next contribution category. Once you have finished entering contribution amounts, click “Review and Sign”
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Check the I Agree box to provide an electronic signature confirming your changes.
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Click Submit.
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Click Done to complete the task or Print to launch a printable version of the summary for your records.
Contribution Limits (2025)
- All employees can contribute up to $23,500 annually.
- Employees age 50+ can contribute an additional $7,500.
- Employees aged 60–63 are eligible for a higher catch-up contribution of $11,250.
For the 2025 tax year, the total contribution limit for 403(b) plans, encompassing both employee and employer contributions, is $70,000.
Eligibility for Employer Contributions
- All benefit-eligible employees will begin receiving the 9% contribution from Lewis & Clark in their 13th month of employment.
- Employer contributions are deposited when paychecks are completed each month.
New employees who previously worked in higher education may be eligible to waive the one-year waiting period for employer retirement contributions. To qualify, you must have:
- Worked 1,000+ hours at a higher education institution for at least one year,
- Within six months before joining Lewis & Clark, and
- Received employer retirement contributions from your former institution.
***Proof of participation in your previous employer’s retirement plan must be submitted within 30 days of employment.***
Please send the template below to your former employer’s HR department. Ask them to complete the template on their college letterhead and email it to hr@lclark.edu.
Lewis & Clark College
Attn: Human Resources, Benefits MSC 72
615 SW Palatine Hill Rd.
Portland, OR 97219
[Date]
Dear Benefits Administrator:
This is to confirm that [employee’s name] was employed at [College or University] for the period of [beginning through ending dates]. During this period, (employee’s name) worked at least 1,000 hours per year, in a position that was not temporary, adjunct or student status, and was the recipient of employer contributions to their retirement account.
Sincerely,
[Name]
[Title]
[Contact]
Curious about taking a loan from your retirement account? Contact our TIAA advisor A.J. Martinez to inquire about the process and any specific requirements.
When your employment with Lewis & Clark ends, you have several options for managing your retirement account through TIAA. You may choose to keep your funds in your TIAA account, roll them over to another retirement plan, or take a distribution, depending on your individual financial goals and retirement timeline.
For an overview of your options, refer to the TIAA Know Your Options Guide.
Upcoming 1:1 On-Campus Appointments:
May 1, 2025: TIAA In-Person Counseling
May 15, 2025: TIAA In-Person Counseling
June 11, 2025: TIAA In-Person Counseling
June 12, 2025: TIAA In-Person Counseling
About TIAA – Your Retirement Plan Provider
TIAA (Teachers Insurance and Annuity Association) is a leading financial services provider specializing in retirement plans for employees in higher education, healthcare, and nonprofit sectors. With over a century of experience, TIAA offers a range of investment options, personalized retirement planning services, and financial education tools to help employees build a secure future.
TIAA Customer Service: (800) 842-2776
Our TIAA Account Advisor for Lewis & Clark College
To sign up for a one-on-one meeting, call 1-800-732-8353 or schedule online www.tiaa-cref.org/ScheduleNow (Choose One-on-One Consultations - At your workplace – Oregon – Lewis & Clark College)
Employees can invest their 403(b) contributions through TIAA with the following options:
- Mutual Funds & Annuity Contracts – Choose from a variety of investment options based on your risk tolerance and retirement goals.
- Self-Directed Investments – You control how your contributions are allocated across available funds.
- Default Investment Option – If you don’t select specific investments, your funds will be placed in an employer-designated default investment.
- Periodic Adjustments – You can update your investment choices as needed.
- ERISA Section 404(c) Compliance – Employees are responsible for their investment decisions, and regular account statements help track performance.
Tip: Review your options regularly to ensure your investments align with your retirement goals!
Visit the L&C TIAA Microsite to learn more about available investments and your retirement plan!
When enrolling in the TIAA 403(b) Plan, employees should designate a beneficiary to receive their retirement benefits in the event of their passing. Beneficiary designations ensure that your funds are distributed according to your wishes.
Key Rules & Considerations Under ERISA
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Spousal Rights:
- If you are married, 50% of your account balance must be paid to your spouse as a qualified annuity, unless your spouse provides written, notarized consent to waive this right.
- You can designate a non-spouse beneficiary for the remaining 50% of your balance without spousal consent.
- Unmarried Employees: You may designate any beneficiary of your choice.
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Divorce Impact:
- If your spouse was your designated beneficiary and you later divorce, that designation becomes invalid unless you update it post-divorce.
- If you remarry, your new spouse automatically becomes the primary beneficiary unless you update your election.
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No Designated Beneficiary: If no valid beneficiary is on file:
- 50% of your account goes to your surviving spouse (if applicable).
- 50% is paid to your estate. If unmarried or without a surviving spouse, the entire balance is paid to your estate.
How to Update Your Beneficiary
- Log in to your TIAA account online.
- Navigate to the “Beneficiary Designation” section.
- Enter or update your primary and contingent beneficiaries.
- If married and designating a non-spouse, have your spouse complete the notarized waiver.
- Save and confirm your changes.
Tip: Review and update your beneficiary designations regularly, especially after major life events like marriage, divorce, or the birth of a child.
403(b) Committee
Lewis & Clark takes its financial responsibility seriously and is committed to helping employees save for the future. The 403(b) Committee oversees the college’s retirement plan, making sure it offers strong investment options, reasonable costs, and a variety of choices to fit different savings goals. With the help of Multnomah Group, the committee regularly reviews the plan to keep it on track and working in employees’ best interests.
About the 403(b) Committee
The 403(b) Committee serves as the named fiduciary for Lewis & Clark College’s retirement plan, ensuring it is managed in compliance with ERISA and in the best interests of participants. The committee has discretionary authority to oversee all aspects of the plan’s administration, including:
- Plan Administration – Establishing and enforcing rules for efficient plan management.
- Investment Oversight – Selecting and monitoring Annuity Contracts and Custodial Accounts available for contributions.
- Fiduciary Responsibilities – Appointing consultants, legal counsel, and other advisors as needed.
- Delegation & Governance – Assigning responsibilities to ensure effective oversight.
Committee Structure & Functions
- Meets quarterly, facilitated by Multnomah Group, the plan’s Retirement Plan Consultant.
- Reviews plan performance and ensures investment options align with participant needs.
- Assesses and adjusts investment selections to maintain diversification across various risk levels.
- Monitors plan costs to ensure participants receive competitive investment options at fair pricing.
The 403(b) Committee’s goal is to maintain a well-managed, cost-effective retirement plan that helps employees achieve their long-term financial goals.
|
Chair - CFO and Vice President of Operations |
Andrea Dooley |
|
Vice President, Chief of Staff, General Counsel, and Board Secretary |
David Reese |
| Associate Vice President for Finance/Controller |
Kyle Teeter |
|
AVP and Chief Human Resources Officer |
Helen Howell |
|
HR Benefits Specialist (non-voting member) |
Isabel Shamborska |
|
CAS Faculty |
Clifford Bekar |
|
LAW Faculty |
Jack Bogdanski |
|
GRAD Faculty |
Amy Rees |
|
Teamsters Union |
Amanda Wilson |
|
LCCSSA Union |
Chel Pennock |
Multnomah Group is an independent, fee-for-service retirement plan consulting firm that helps organizations design and manage high-quality retirement plans for their employees. Their expertise includes:
- Fiduciary Governance – Ensuring compliance with retirement plan regulations and best practices.
- Plan Operations Support – Assisting with plan administration, documentation, and operational efficiencies.
- Investment Advisory – Providing guidance on fund selection, risk management, and investment performance.
- Provider Oversight – Evaluating and managing relationships with retirement plan service providers.
With a conflict-free approach and a focus on practical solutions, Multnomah Group helps organizations create cost-effective, well-managed retirement plans that benefit both employers and employees.
Contact Information
Our TIAA Account Advisor for Lewis & Clark College
To sign up for a one-on-one meeting, call 1-800-732-8353 or schedule online www.tiaa-cref.org/ScheduleNow (Choose One-on-One Consultations - At your workplace – Oregon – Lewis & Clark College)
Human Resources Benefits is located in Lower McAfee on the Undergraduate Campus.
MSC: 72
email ishamborska@lclark.edu
voice 503-768-6231
HR Benefits + Leaves Specialist
Isi Shamborska
Let’s Chat!
Book a 1:1 During Benefits Office Hours
Human Resources Benefits
Lewis & Clark
615 S. Palatine Hill Road
Portland OR 97219