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.
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), hereafter referred to as The Plan. Basic information about The Plan follows.
A. Eligibility. Each and every Employee, other than an Employee who is a student at the College performing services described in section 3121(b)(10) of the Code, is eligible to make elective contributions on a pretax basis.
Each and every Employee of the College included in one of the categories specified below, other than any Employee classified by the College as a temporary employee, shall be eligible for and allocated matching contributions into The Basic Plan with respect to Payroll Periods that such Employee makes elective contributions.
Each and every Employee, other than an Employee who is a student at the College performing services described in section 3121(b)(10) of the Code, is eligible to make elective contributions on a pretax basis to The Supplemental Plan. Amounts allocated to a supplemental savings account shall not be eligible for matching contributions.
For College employees eligible and participating in The Basic Plan, any amount of elective contribution that employee does not allocate to his basic savings account shall be allocated to the Member’s supplemental savings account.
B. Participation. All eligible employees may begin participation in this retirement plan on or after the date the Employee first completes one hour of service.
C. Plan Contributions. Contributions under The Plan, referred to hereafter as Plan Contributions, will be made each payroll date except for months in which no salary is paid. Matching contributions in The Basic Plan will be made 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.
Additional information may be obtained by contacting the Human Resources Office at 717-815-6871.