; Ph.D., U. of Illinois. For help and advice, call us anytime at800-842-2252. ; D.B.A., U. of Colorado; Ph.D.,ibid. BCM contributes a 8% base contribution to the Plan and employees automatically receive the base contribution once eligible. Teachers Insurance and Annuity Association (TIAA) will provide services to the plan and may issue plan communications on behalf of the plan sponsor, in its capacity as a plan recordkeeper. (1981-2008)B.A., Amherst College; M.A., U. of Massachusetts; Ph.D.,ibid. (1987-2013)B.S., U. of Oklahoma; M.S.,ibid. Please consult your legal or tax advisor. Faculty Senate. Most employers require you to save a certain amount before they will match it when they do, its all extra money! This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. (1974-2010)B.S., Florida Atlantic U.; Ph.D., Florida State U. Marianna S. Busch, Ph.D., Professor of Chemistry. When we turn 65, theres an 80% probability that well live to 80, and a 27% chance well reach 95.*. (2001-2002, 2002-2020)B.S., Baylor U.; J.D., ibid. (2002-2020)B.A., California Baptist College; M.C.M., Southwestern Baptist Theological Seminary; D.M.A., ibid. Your plan may distribute your entire balance if the value does not exceed $2,000. John "J.T." (1968-2000)B.M., Morningside College Conservatory of Music; M.M., Indiana U.; D.M.A., U. of Arizona. If your employer offers to match your contribution, make sure you save enough to trigger that match. Reviewing your current investment mix to see if you need to rebalance your portfolio as you near retirement. (1980-2003)B.A., Case Western Reserve U.; M.L.S., U. of North Texas; Ph.D., U. of North Texas. We realize the enrollment process requires making tough decisions. Its California Certificate of Authority number is 3092. ; Ph.D., U. of Georgia. New bivalent COVID-19 vaccines and flu vaccines are available for patients with Baylor Medicine Primary Care Providers. If you're already enrolled, log in to your secure account from the login button at the top of the home page of this site. (1965-1992)B.A., Baylor U.; M.A.,ibid. (1990)B.A., Baylor U.; M.Ed., U. of North Texas; Ed.D.,ibid. (1994-2020)B.S., Virginia Polytechnic Institute and State U.; M.S., ibid. (1981-2004)B.A., Columbia Bible College; B.D., Southwestern Baptist Theological Seminary; Ph.D., Baylor U. Ralph C. Wood, Professor of Theology and Literature (1998-2021)B.A., East Texas State U.; M.A., ibid; M.A., U. of Chicago; Ph.D., ibid. (1964-1997)B.S., U. of Arkansas; M.S., Kansas State U.; Ph.D.,ibid. Social Security will only replace about 40% of your pre-retirement income for the average worker, so you and your employer need to cover the rest. *Investment advice is available through TIAA using an advice methodology from Morningstar Investment Management, LLC. Judith W. Lott, D.S.N., Professor of Nursing. Emeritus - Baylor College of Medicine ; Ed.D.,ibid. If your plan permits, you can withdraw some of the money you've put in over the years (but not earnings) due to financial hardship, such as medical or funeral expenses, while still employed. When you enroll online, you create an individual account where you can view your balances, change your investment mix, make transfers and other transactions. Otherwise, mutual funds and annuities are treated very similarly when offered as part of your employers retirement plan. Lane G. Collins, D.B.A., Professor of Accounting. Steve Driese, Professor of Geosciences (2004-2022)B.S., Southern Illinois U.; M.S., U. of Wisconsin-Madison; Ph.D., ibid. These payments generally are available to individuals who have attained age 55 but have not yet reached RMD Applicable Age and must begin at least one year prior to reaching RMD Applicable age. W. Keith Hartberg, Ph.D., Professor of Biology. Peter Allen, Professor of Geosciences. Baylor College of Medicine has 723 full-time students (52.6 percent female / 47.4 percent male), 2,447 full-time faculty, and a faculty-student ratio of 3.4:1. (1988-2015)B.B.A., U. of North Texas; M.B.A.,ibid., Ph.D., U. of Georgia.C. Your employer will typically allow you to withdraw funds once you've reached 62. (1976)B.A., Berea College; M.A., Michigan State U.; Ph.D.,ibid. (1958-2002)B.A., Ouachita Baptist U.; M.A., Louisiana State U.; Ph.D.,ibid. PDF Emeriti Retiree Health Plan for Southern Methodist University - Smu Faculty Development - Baylor College of Medicine (1961-1996)B.A., New Mexico Highlands U.; M.A.,ibid. (2005-2020)B.S., Baylor U.; M.S., Texas Tech U.; Ph.D., ibid. James Kennedy, Associate Professor of Religion (1986-2021)B.A., Palm Beach Atlantic College; M.Div., Southern Baptist Theological Seminary; M.Phil., Drew U.; Ph.D., ibid. (1994-2020)B.S., Julliard School of Music; M.M.,ibid; D.M.A.,ibid. *Guarantees are subject to the claims-paying capability of the insurer. Located in the heart of the world's largest medical center (Texas Medical Center), Baylor is affiliated . Northern Illinois U.; Ph.D., Pennsylvania State U. William A. Mitchell, Ph.D., Professor of Political Science. (1968-2011)B.S., Tennessee Technological U.; M.S., Auburn U.; Ph.D.,ibid.Jim Ellor, Professor of Social Work. For employer-sponsored retirement plans, your required beginning date is April 1 of the year following the calendar year in which you reach your RMD Applicable Age or retire from the plan sponsor, if later. ; Ph.D., U. of South Florida. A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income. An annuity is an insurance contract with one or more fixed-rate and variable investment options. Any savings have the potential to help in the future, but ideally, you still should aim for 10-15% of your pre-tax income annually. G.W.K. Both options receive favorable tax treatment under the plan. Payments from variable accounts will fluctuate based on investment performance. 15% increase in Pre-65 dependent coverage . (1970-1974, 1976-2010)B.S.N., Baylor U.; M.S.N., U. of Minnesota; Ph.D., U. of North Texas. (1963-1965, 1971-2004)B.S., Hardin-Simmons U.; M.S., Oklahoma State U.; Ph.D.,ibid. Does it still make sense in relation to your age and lifestyle? Emeriti Retirement Health Benefit. You may also review your existing accounts and make transactions online by logging into your secure account. Tenured professors who have served the College with special distinction at BCM for at least 10 years may be eligible for the position of "Distinguished Emeritus" Professor upon retirement and upon recommendation of the head of the Academic Unit in which the candidate has his or her primary appointment and formal action of the Faculty Appointments and Promotions Committee, the Academic Council, the President, and the Board of Trustees. Rayzor Lounge, Noon-3 p.m. Research Compliance Services offers educational opportunities forindividuals engaged in research at Baylor, from those new to research to seasoned investigators, and anyone needing a "refresher," or an update on current regulatory or institutional requirements. Roger Olson, Professor of Theology, Truett Seminary (1999-2021)B.A., Open Bible College; M.A., North American Baptist Seminary; M.A., Rice U.; Ph.D., ibid. Baylor College of Medicine contributes 8% of your base annual earnings to the plan. Charles H. Talbert, Ph.D., Distinguished Professor of Religion. Charles J. Isoline, Ed.D., Professor of Art. Generally, you must show an immediate, significant need that cannot be met with other resources, including loans from your retirement plan. John Dunbar, Ph.D., Professor of Geosciences. The amount you withdraw will reduce your lifetime annuity income accordingly. There are plenty of options and every investor is different. (1978-2011)B.S., U. of Texas; M.A.,ibid. foundation of Medicarethe Emeriti Health Insurance Plan Optionsa range of plan options, including Medicare-approved Part D prescription drug coverage. Wilfrid Laurier U.; M.A., Lamar U.; Ph.D., U. Texas. Who would benefit most from owning mutual funds? Some recent admissions statistics for Baylor College of Medicine's class of 2025 include: Matriculants: 188 (86% Texas residents) Median GPA: 3.92 Median MCAT score: 518 There is no minimum GPA or MCAT requirement to apply to the Baylor College of Medicine. You can put money away for retirement while saving on taxes. tax-free . (1965-2000)B.M., Indiana U.; M.M.,ibid. 401(a) Retirement Plan does not offer a loan feature. Login now. (1989-2017).B.A., Baylor U.; M.R.E., Southwestern Baptist Theological Seminary; Ed.D., U. of North Texas. Faculty Affairs & Development organizes workshops on topics such as teaching in different environments, communication skills, curriculum design and more. You must begin taking minimum distributions from your IRAs and employer retirement plan accounts by your required beginning date (or retirement, if later for employer retirement plan accounts). R. Michael Rogers, J.D., Professor of Law. (1990-2001)B.A., Baylor U.; M.A.,ibid. ; Ph.D., U. of Texas. Contact your HR Benefits Office for additional information and assistance. Keep in mind: You may need to complete the required form found at Baylor College of MedicineOpens in a new window to tell your employer how much money you want taken out of each paycheck. ; M.S.,ibid. No, there is no tax advantage to owning variable annuities or mutual funds in your TIAA-funded retirement plan. Do not sell/share my personal information. (1964-1966; 1969-4985)B.A., San Bernardino State College; B.S., U. of California at Los Angeles; M.S.,ibid. (1988-2001)B.S., U. of Texas; M.S., Oklahoma State U.; Ph.D.,ibid. Pittsburgh Theological Seminary; Ph.D., Ohio U. Charles J. Delaney, Associate Professor of Finance, Insurance, and Real Estate. Louis Muldrow, J.D., Professor and the Abner V. McCall Professor of Evidence. Baylor University | A Nationally Ranked - Department of Biology Think about these three easy things you can do to keep your momentum & finish strong: Taking advantage of any new plans or matches your employer may offer. ), Northwestern U.; Ph.D. (1989-2017)B.S., Louisiana Tech U.; M.B.A., Ph.D., Mississippi State. Emeriti, TIAA-CREF, Savitz, Aetna Life Insurance Company, and HealthPartners are independent corporations and are not legally affiliated. (1986-2021)B.A., Baylor U.; J.D.,ibid. Bioinformatics analyst at Baylor College of Medicine and graduate from the Honors College at the University of Houston. ; D.B.A., Indiana U. Michael W. Mansfield, Ph.D., Professor of Political Science.