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Retirement resources to plan and secure your future

With changes to contribution limits, now’s the time to review your Stanford Contributory Retirement Plan (SCRP) elections.

It’s that time of year when you take a step back and think about the financial and retirement savings goals you want to achieve for the new year. Your financial well-being is just as important as your physical and emotional health as it contributes to and affects other aspects of your well-being. Stanford has a variety of investment strategies and resources available to help you. 

Now is the perfect time to review your Stanford Contributory Retirement Plan (SCRP) elections and start or continue your financial planning journey for 2024 and beyond.

New contribution limits for 2024

The IRS has increased the contribution limits for 2024. As limits change annually, it is important to review your SCRP elections to confirm you are still on track to reach your retirement goals.

You can log in to My Retirement Savings or call Fidelity directly at 888-793-8733 to change your contribution elections.

Contribution changes are subject to payroll deadlines of the 10th and 25th of each month. If the 10th or 25th falls on a weekend or holiday, the deadline is the business day before. For example, if you make an election change on Jan. 22, 2024, then that change will be reflected on your Feb. 7, 2024 paycheck. Refer to the 2024 SCRP payroll deadlines for additional information.

View the 2024 limits on Cardinal at Work

Investment options

Most people find the topic of retirement and investment options confusing, however, the SCRP’s four-tier line-up of investment options (target date funds, core funds--active and passively managed mutual funds, an annuity option, and a brokerage window) helps simplify the retirement planning process. 

Once you choose your investment options, it’s sometimes easy to set it and let it ride. But, it’s always a good practice to revisit your investment lineup annually and consult with Fidelity’s expert advisors for guidance on investment and distribution planning. 

For example, although Fidelity is our recordkeeper, you may invest some or all of your SCRP contributions in a broad array of investment funds offered, including the TIAA Traditional Fund. 

To update your investment option to a TIAA fund, you must update “retirement provider” by logging in to My Retirement Savings or calling Fidelity directly at 888-793-8733.

Meet with a financial advisor at no cost to you

Unsure of what investment options are right for you? Schedule a free financial counseling appointment through both Fidelity and TIAA. With certified financial planners, these meetings can span all financial goals beyond retirement planning, including budgeting, investment advice, and tax planning. Appointments are available through Zoom or in person on the Stanford campus, Stanford Redwood City, and SLAC. 

Schedule an appointment with a financial advisor on Cardinal at Work

Financial wellness webinars and workshops

On Cardinal at Work, you can access free webinars hosted by Fidelity, TIAA, and Francis Financials covering a variety of financial topics. 

To learn more about TIAA Traditional Funds, consider registering for Healthy Living’s class Turn Your Retirement into a “Paycheck” for Life on March 6 hosted in partnership with TIAA or watch this brief video on the TIAA website about the benefits of this annuity product.

Other resources

Questions?

  • For assistance logging onto the My Retirement Savings website and to make election changes over the phone, you can reach a Fidelity representative for the SCRP plan by calling (888) 793-8733.
  • For questions and assistance regarding TIAA investments, you can reach a TIAA representative by calling (800) 842-2776.
  • For all additional questions regarding the SCRP, call the University HR Service Team at 877-905-2985 or 650-736-2985, Monday- Friday, 8 a.m. to 5 p.m. PT, excluding holidays.

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