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Retirement Plans


Basic Retirement Plan

After one year of employment at the College in a benefited position, 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 employees base annual salary toward a retirement annuity for the employee. Participants may elect to invest these funds in individual retirement accounts with either TIAA-CREF or Fidelity Investments. Vesting is immediate upon enrollment in the plan. Employees are not required to contribute toward their retirement plan, but they may do so in any amount they choose, subject to limits imposed by federal law. They may contribute through deductions from wages with funds on which they have already paid taxes or through a reduction in wages with funds that will not be taxed until they are received as retirement income.

Basic Retirement Plan Provisions

Voluntary Retirement Plan

All employees may make contributions on a tax-deferred basis to a Group Supplemental Retirement Annuity account with TIAA-CREF or to a 403(b) account with 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
   

    2006    

    2007   

   2008   

Amount allowed for all participants

 

$15,000  

$15,000  

$15,500  
         
Additional amount allowed for participants age 50 or over

 

$5,000  

$5,000  

$5,000  

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 Individual Counseling Sessions (No dates are available at this time for 2007-2008)

A representative from TIAA-CREF will be on-campus in 2007-08 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 schedule a personal appointment to meet with the TIAA-CREF representative, please contact TIAA-CREF directly (800-842-2776) or visit their website to make an appointment.

Human Resources also has copies of "Retirement Strategies", a booklet which provides guidance on how to determine and meet one's financial needs in retirement. If you would like a copy of "Retirement Strategies", please contact Human Resources. ext. 4689. 

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