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Retirement Plans


Basic Retirement Plan

After one year of employment at the College, full-time and half-time or more employees are enrolled in the College's basic retirement plan. At that time, the College begins contributing 10% of the employee's earnings toward a 403(b) account.  Participants may elect to invest these funds in accounts with either TIAA-CREF or Fidelity Investments. Vesting is immediate upon enrollment in the plan. 

Basic Retirement Plan Provisions

Voluntary Retirement Plan

All employees may make contributions on a tax-deferred basis to a 403(b) account with TIAA-CREF or Fidelity Investments. This benefit is available immediately upon employment and is not contingent upon eligibility or enrollment in the Basic Retirement Plan. Federal law dictates the maximum amount you are eligible to contribute under these plans (see below), and penalties imposed for withdrawals prior to age 59 1/2.

Annual Contribution Limits

   

Calendar Year
   

    2008  

   2009   

   2010   

Amount allowed for all participants

 

$15,500  

$16,500  

$16,500  
         
Additional amount allowed for participants age 50 or over

 

$5,000  

$5,500  

$5,500  

Individuals who have more than 15 years of service to the College may be eligible for an additional contribution allowance depending on the level of prior contributions. Please complete a Salary Reduction Agreement and return the completed form to Human Resources.

Detailed information about these plans may be obtained from Human Resources, ext. 4689.

Voluntary Retirement Plan Provisions

TIAA-CREF and Fidelity Individual Counseling Sessions

Representatives from TIAA-CREF and Fidelity are on campus on a regular basis to provide individual counseling sessions on current investment strategies, meeting long-term investment goals, asset allocation and general retirement and financial planning issues.  If you would like to schedule a personal meeting with a TIAA-CREF or Fidelity representative, please visit their website or contact them by phone to make an appointment.

TIAA-CREF at (800) 732-8353

Fidelity at (800) 642-7131

TIAA-CREF
11/4/09
11/18/09
12/9/09
12/23/09

Fidelity


Human Resources also has booklets which provide guidance on how to determine and meet one's financial needs in retirement.  Please contact Human Resources. ext. 4689 for information on available booklets. 

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