The College’s retirement plans are with Teachers Insurance and Annuity Association (TIAA). The Defined Contribution (DC) Plan is funded by College contributions. The Tax Deferred Annuity (TDA) Plan is funded by employee contributions.
The College makes contributions to the DC plan on behalf of employees after the eligibility criteria (12 consecutive months of eligibility service) is met. The College’s contribution is based on a percent of eligible compensation and is 100% vested upon deposit. An employee contribution to the plan is not required to receive the College’s contribution.
Employees who receive monetary compensation may contribute to the TDA plan. This optional contribution is made through payroll deduction on a pre-tax basis. The employee contribution is limited to the maximum amount allowed by federal law. The employee contribution is 100% vested upon deposit.
- Salary reduction agreement – For 2020, the annual employee contribution limit for 403(b) is $19,500. The annual catch-up contribution limit for 403(b) if employee is age 50 or over is $6,500.
- Summary Plan Description for the DC Plan
- Summary Plan Description for the TDA Plan
- Disclosure Notices for the DC and TDA Plans
- Summary Annual Report for the DC Plan
- Summary Annual Report for the TDA Plan