FACULTY AND ADMINISTRATIVE STAFF RETIREMENT BENEFIT
The Colleges' retirement plan is administered through Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF). These are tax deferred annuity plans authorized by Section 403(b) of the Internal Revenue Code. Administrative employees and faculty members are strongly encouraged to participate in the Plan.
Contributions can be made either on a before-tax or after-tax basis and these elections may be changed up to four times during each calendar year. Contributions are based on a percentage of regular salary and will be made automatically to the funding vehicle chosen by the administrative employee/faculty member. Administrative employees/faculty members are fully and immediately vested in the benefits arising from contributions made to their contracts under this Plan. Such amounts are nonforfeitable.
During the first two years of employment, the administrative employee/faculty member must contribute at least 5% of gross pay to the Plan in order to receive a 5% matching contribution from the Colleges. Both the Colleges' and administrative employee/faculty members's contributions begin on the first of the month following the date of hire or the first of any month thereafter provided the appropriate forms have been completed.
After two years of continuous employment, beginning on the first of the month following the second anniversary, the Colleges contribute 10% of gross pay on behalf of the administrative employee/faculty member. Continued contributions of 5% by the administrative employee/faculty member after the second anniversary are not required in order to receive the 10% contribution from the Colleges. However, if the 5% matching option for the first two years of employment is not elected, then an affirmative election is required in order to receive the 10% contribution.
The amount contributed by the administrative employee/faculty member to the retirement plan is subject to limits established annually by the IRS.
Follow this link to the Plan's Summary Plan Description (Word) which provides more information in regards to:
- employee contribution limits
- normal retirement age
- investment allocation options
- eligible withdrawals following termination of employment
- survivor's benefits
- retirement income options
- eligible rollovers
The benefit plans summarized on these web pages are guidelines only. Every effort has been made to make these descriptions as brief, accurate and easy to understand as possible. Therefore, all details may not be described here. If there is a difference between the information in this publication and the official plan documents, the official plan documents will govern. In addition, the Colleges retain the right to supplement, modify, amend or eliminate benefit policies and plans. For more specific information, please contact the Office of Human Resources.
How TIAA-CREF can help:
- Retirement Advisor Tool - www.tiaa-cref.org/setyourgoals
- Selecting the Right IRA - www.tiaa-cref.org/ira-evaluator
And even more help: