BSA Retirement Programs
Brookhaven Science Associates (BSA) is committed to offering retirement programs that reflect industry best practices. Numerous investment funds are available to you through financial services company TIAA.
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BSA Retirement Plan
The BSA Retirement Plan—also known as the 401(a) Plan—provides you with income upon retirement. BSA makes contributions to your Retirement Plan account based on your base salary, but you direct how your account funds are invested and you may change your contribution allocation or rebalance your investments whenever you choose. Enrollment is automatic as eligibility occurs. When you retire, you can receive the accumulated balance in your account in an annuity or in another optional form. You pay no income taxes on your benefit until it is actually paid to you. You may not contribute to this plan, but you have the option to make contributions to the available 401(k) Plan.
What BSA Contributes
When you are enrolled in the Retirement Plan, BSA contributes an amount equal to 9% of your base salary to your account (10% if you were hired before January 1, 2011). For members of the IBEW union, the SCSPA union or the USW union, the terms of the applicable collective bargaining agreement apply.
Access investment information and take charge of investing your account by logging on to the TIAA website, or contact TIAA at (800) 842-2776.
BSA 401(k) Plan
The 401(k) Plan provides participants with the opportunity to invest up to 25% of their base salary for retirement through pre-tax payroll deductions. Enrollment in the 401(k) Plan is optional. You direct the investment of your account and receive the accumulated balance in your account in an annuity or in another optional form when you retire, terminate employment, or attain age 59½. You can also take loans or hardship distributions if you need to access your savings before you retire as long as you meet the 401(k) Plan's requirements. You pay no income taxes on your benefit until it is actually paid to you.
How to Enroll
To enroll, go online in PeopleSoft HR > Employee Self-Service > Benefits > Enroll In or Update My 401(k). By enrolling online in PeopleSoft HR, you will authorize contributions, as a percent of your Base Salary, to be deducted from your paycheck. To indicate in which funds your 401(k) Plan contributions will be invested and to designate a beneficiary(ies), go online on the TIAA website. If you are unable to enroll online, then contact the Benefits Office
For details on the Retirement Plan, see the 401(a) Summary Plan Description (PDF).
For details on the 401(k) Plan, see the 401(k) Summary Plan Description (PDF).
Funds available for investment
Qualified Domestic Relations Order (QDRO) Procedures
Applies to the 401(a) and 401(k) plans.
Enhanced Brokerage Program
Direct your retirement plan contributions among a variety of investment choices beyond the ones offered through your current plan.
The importance of diversification during any market, that is relevant today
Investing for Long-Term Goals
Staying focused on the long-term goals of your retirement strategy
Retirement Plan No. 100945, 401(k) Plan No. 100946
Additional 401(k) Information
Update Your 401(k) Information
All Beneficiary changes and Name changes now need to be completed electronically. TIAA is no longer using paper forms for these types of updates.
The participants will need to log into their TIAA personal accounts online. Employees should contact TIAA customer service at 1-800-842-2776 with any questions.