Full-time employees must participate in the College’s 403(b) Retirement Plan ("the Plan") immediately upon hire by contributing a minimum of two percent of their base earnings. The College will match an amount equal to the employee's contribution up to 8.5 percent to the employee's retirement account. College contributions are fully and immediately vested.
Employees may change their retirement contribution once per pay period. Employee voluntary contributions to the Plan are deducted each pay period, and may be contributed on a tax-deferred or Roth after-tax basis.
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 and mutual funds, variable annuity investment accounts through TIAA and over 150 mutual funds through Fidelity. Contributions are used to purchase individually-owned annuity contracts or custodial accounts.
Employees may also contribute additional earnings with before-tax or Roth after-tax contributions to a Supplemental Retirement Account (SRA) within annual limits set by the IRS. The College does not match these additional voluntary retirement contributions. Only TIAA SRAs contain a loan provision.
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 59½ may be subject to a 10 percent IRS imposed penalty.
When an employee retirees, 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. For information regarding retirement investment and distribution options, contact TIAA or Fidelity Investments.
IMPORTANT: TIAA Traditional Annuity Fund accumulations may be subject to certain withdrawal restrictions.
HR Contact: Julie Nohrenberg at 531-622-2232 or Cindy Croy at 531-622-2231