Part-time employees may voluntarily participate in the College’s 403(b) Retirement Plan immediately upon hire, without College match.
Employee contributions to the Retirement Plan ("the plan") may be deducted from each paycheck by salary reduction contributions with before-tax or Roth after-tax dollars.
Employees may change their retirement contribution once per pay period. To change your retirement contribution, download the Salary Reduction Agreement form for part-time employees.
Important: If a regular part-time Metropolitan Community College employee is contributing at, or close to, their annual limit through another employer’s retirement plan, they may be at risk of exceeding the limit under IRS code by participating in the Plan.
The Plan offers employees the choice between two investment carriers: TIAA or Fidelity Investments. Both companies offer a diverse array of investment options, including the guaranteed TIAA Traditional Annuity, mutual funds, variable annuity investment accounts through TIAA and over 150 mutual funds through Fidelity Investments. Contributions are used to purchase individually-owned annuity contracts or custodial accounts.
Upon termination or retirement, employees may withdraw accumulations from their retirement account(s). Distributions paid directly to the participant may be subject to a mandatory 20 percent federal income tax withholding, in addition to any other federal income tax owed for the tax year in which the withdrawal is made, unless the distribution is transferred directly into an eligible retirement account. Withdrawals made prior to age 59 1/2 may be subject to a 10 percent IRS imposed penalty. When an employee retires, he or she may choose from several retirement income options including, but not limited to, a lifetime monthly annuity income, systematic withdrawal, direct rollover or a lump sum withdrawal.
IMPORTANT: TIAA Traditional Annuity Fund accumulations may be subject to certain withdrawal restrictions.
HR contacts Julie Nohrenberg, 531-622-2232 or Cindy Croy, 531-622-2231