Retirement Plans

Matching Retirement Plan

The College provides retirement benefits through a 403(b) tax-deferred defined contribution plan. Eligibility criteria and waiting periods for the College’s matching contribution vary by classification of employment. An employee who meets the eligibility requirements must contribute, as a condition of employment, 3% of base salary on a pre-tax basis in order to receive the College’s 9% match. Upon enrollment, all contributions are 100% vested.

Voluntary Tax-Deferred Annuity Plan (TDA)

The College offers this 403(b) tax-deferred annuity plan that allows employees to make voluntary, tax-deferred contributions through payroll deduction to either supplement or initiate their retirement savings. Employees may make pre-tax voluntary contributions to this plan up to the annual limits allowed for 403(b) plans according to the IRS code. No matching contributions are made by the College into the TDA plan.

For the 2008 calendar year, the IRS general limit is $15,500.  Employees age 50 and older can contribute an additional $5,000 under the "catch up" provision.

In both plans, employees may direct their contributions and those of the College (if applicable) to be invested in the funds offered by TIAA CREF, Fidelity, or AIG Retirement.

To enroll in these plans an employee must complete the appropriate application as well as a Salary Reduction Agreement between the employee and the College before deductions can be made. A new agreement is required for each salary deduction change. The College allows for the execution of four (4) Salary Reduction Agreements per calendar year.

Additional information on these plans is available through the Office of Human Resources. Representatives from TIAA CREF, Fidelity, and AIG Retirement are available at various times throughout the year for individual on-campus appointments.