Regular full-time employees must participate in the College’s retirement plan immediately upon hire by contributing a minimum of 2% of their base earnings. The College will match an amount equal to the employee's contribution up to 8% to the employee's retirement account for full-time employees.
Employees may change their retirement contribution once per pay period. To change your retirement contribution, download the “Salary Reduction Agreement” form.
Employee contributions and College contributions are fully and immediately vested. Employee contributions to the Retirement Plan are deducted from each paycheck by salary reduction contributions with "before-tax dollars.” Taxes are not paid on these contributions or the investment earnings until the employee withdraws accumulations from the plan.
The College’s Retirement Plan offers employees the choice between two investment carriers: TIAA-CREF www.tiaa-cref.org or Fidelity Investments, www.mysavingsatwork.com. Both companies offer a diverse array of investment options, including the guaranteed TIAA Traditional Annuity and mutual funds, and variable annuity investment accounts through TIAA-CREF, and over 150 mutual funds through Fidelity Investments. Contributions are used to purchase individually-owned annuity contracts or custodial accounts.
Employees may also tax-defer an additional amount of their earnings to a Supplemental Retirement Account (SRA) within annual limits set by the IRS. The College does not match these additional retirement contributions. A loan of a $1,000 minimum may be available from TIAA-CREF SRA’s.
Upon termination or retirement, employees may withdraw accumulations from CREF or Fidelity accounts. TIAA Traditional Annuity accumulations may be subject to certain withdrawal restrictions. Lump sum distributions paid directly to the participant are subject to a mandatory 20% 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 lump sum is transferred directly into an eligible retirement account. Withdrawals made prior to age 59½ may be subject to a 10% IRS imposed penalty.
When an employee retirees, he/she may choose from several retirement income options including, but not limited to, a lifetime monthly annuity income, systematic withdrawal, or a lump sum. Employees may contact TIAA-CREF or Fidelity Investments directly for Information on retirement income options or contact Human Resources.
TIAA-CREF Customer Service: 800-842-2776
TIAA-CREF Website: http://enroll.tiaa-cref.org/metrocc
Fidelity Investments Customer Service: 800-343-0860
Fidelity Investments Website: www.fidelity.com/atwork
HR Contact: Julie Nohrenberg, 402-457-2232, or Karla Stoltenberg, 402-457-2235