The Colleges' retirement plan is administered through Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF). This is a tax deferred annuity plan authorized by Section 403(b) of the Internal Revenue Code. Employee participation in the Plan is strongly encouraged. Contributions can be made either on a before-tax or after-tax basis and these elections may be changed up to four times during each calendar year.
Faculty and Administrative Benefit
Union/Non-Union Hourly Benefit
The amount employees contribute to the retirement plan is subject to annual limits established by the IRS. This plan does not allow in-service withdrawals or loans. 2006 limit information (Word).
Faculty and Administrative Employees' Summary Plan Description (Word)
Union and Non Union Hourly Employees' Summary Plan Description (Word)
The Colleges' of the Seneca Retirement Plan Document (Word)
All benefit-eligible employees are eligible to contribute additional money on a tax-deferred basis to retirement plans with the T. Rowe Price Funds, Vanguard Funds and the Fidelity Group. The Colleges will deduct the amount determined by the employee. Such amounts much be within the limits set by law. Contributions to these plans are made on a bi-weekly basis. These plans are 403 (b) (7) plans and currently do not allow for any cash withdrawals or loans. Due to the supplemental nature of Fidelity, T. Rowe Price or Vanguard, no office plan documents are required by law. However, marketing information from each of these mutual fund companies is available from the Office of Human Resources.
Vanguard - Online Employee Enrollment Kit
TIAA-CREF also provides an optional Supplemental retirement Annuity (SRA) for those interested in an additional retirement investment opportunity. This plan is the only plan that permits one to borrow against their account subject to IRS restrictions.
The benefit plans summarized on these web pages are guidelines only. Every effort has been made to make these descriptions as brief, accurate and easy to understand as possible. Therefore, all details may not be described here. If there is a difference between the information in this publication and the official plan documents, the official plan documents will govern. In addition, the Colleges retain the right to supplement, modify, amend or eliminate benefit policies and plans. For more specific information, please contact the Office of Human Resources.
