Human Resources
The College will contribute 11% of an employee's gross base wages each pay period once certain criteria are met. The criteria are as follow:
- Employee is age 21 or older, has been employed for one year of service and works at least 1,000 hours per year; or
- Employee is age 21 or older and has an account with another institution of higher education with vested employer funds (i.e.401(a), 401(k) or 403(b) plan)
Under item #2, proof of the account is required in order to waive the one year wait period. Employees subject the one year of service criteria will be enrolled on the first of the quarter following their anniversary date: January, April, July, and October. An employee becomes fully vested in the plan after 3 years of employment.
The College currently offers two companies to choose from: Fidelity Investments and Teachers Insurance Annuity Association (TIAA).
Salary reduction allows an employee to set aside money from gross salary before taxes. Salary reduction not only offers the benefits of untaxed growth and earnings on contributions but also lowers taxable income and current taxes. There are limits on the total contributions through salary reduction allowed by the IRS. Human Resources can assist in determining maximum contributions.
Salary deduction, through a Roth 403(b), allows an employee to set aside money from net salary after taxes have been taken out. Since taxes have already been paid, accumulations in a Roth 403(b) account are considered as tax-free income in retirement.
An employee, including one who is not eligible for the retirement plan, may elect to make pre-tax contributions to retirement savings by establishing a Tax Deferred Annuity (TDA)/Group Supplemental Retirement Account (GSRA), or after-tax contributions to a Roth 403(b).
Information and booklets describing the retirement program are available and Human Resources can assist in establishing an account. Representatives from TIAA and Fidelity are on campus frequently for group and individual meetings.
Additional information available at: Retirement Plan - 403(b) & 457(b) Information