Retirement Benefit Plan

The College has provided a retirement plan for eligible employees through the Teachers Insurance and Annuity Association (TIAA) and/or the College Retirement Equities Fund (CREF). Basic information about the Retirement Plan follows.

Additional information and applications may be obtained from the Human Resources Office.

A. Eligibility. Each employee who normally works 20 hours or more per week and at least 1000 hours within the fiscal year is eligible to make elective contributions on a pretax basis.

Each employee who makes pretax elective contributions and who is in one of the following classes is eligible to receive College matching contributions:

  1. Regular faculty member with whom the College has a written contract calling for services for at least one academic year.
  2. Administrator with whom the College has a written letter of employment that specifies an annual rate of salary (other than a sports coach, assistant coach or any person that the College pays a pre-determined amount for services in connection with a particular sport or sports).
  3. Staff member with whom the College has a written letter of employment that specifies a semi-monthly salary rate.
  4. York Country Day School Headmaster only. (Student employees whose employment is incidental to their education programs at the institution are not eligible.)

B. Participation. All eligible employees may begin participation in this basic retirement plan immediately following the date of employment at the College.

C. Plan Contributions. Contributions under this basic retirement plan, referred to hereafter as Plan Contributions, will be made each payroll date except for months in which no salary is paid, in accordance with the following schedule:

 Plan Contributions as a Percent of Annual Basic Salaries

By the Participant

By the College for Eligible Participants

Total

1%

1%

2%

2%

2%

4%

3%

3%

6%

4%

4%

8%

5%

10%

15%

Plan Contributions by participants will be deducted from salary payments on a tax-deferred basis under an agreement for salary reduction executed in accordance with Section 403(b) and Section 415 of the Internal Revenue Code. Plan Contributions shall be forwarded to the investment firm and will be allocated between funds in any proportions elected by the participant.

D. Supplemental Retirement Annuities. College employees eligible and participating in the basic retirement plan may set aside extra funds by arranging an agreement with the Human Resources Office of the College for a Supplemental Retirement Annuity. The Supplemental Retirement Annuity is a tax-deferred (sheltered) annuity via payroll deduction only and is available to anyone who is participating in the basic retirement programs with a minimum of 5 percent contribution. Employees who are interested may obtain more information from the Human Resources Office.