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Retirement Programs

The Colleges' retirement plan is administered through Transamerica. These are tax deferred annuity plans authorized by Section 403(b) of the Internal Revenue Code. Administrative employees and faculty members are strongly encouraged to participate in the Plan. 

Contributions

Contributions are based on a percentage of regular salary and will be made automatically to the funding vehicle chosen by the administrative employee/faculty member. Administrative employees/faculty members are fully and immediately vested in the benefits arising from contributions made to their contracts under this Plan. Such amounts are non-forfeitable. The amount contributed by the administrative employee/faculty member to the retirement plan is subject to limits established annually by the IRS.

Employees are able to enroll or change their pre-tax or Roth deferrals at any time by logging into the Transamerica website. 

During the first two years of employment: The administrative employee/faculty member must contribute at least 5% of gross pay to the Plan in order to receive a 5% matching contribution from the Colleges. Both the Colleges' and administrative employee/faculty member's contributions begin on the first of the month following the date of hire or the first of any month thereafter provided the appropriate forms have been completed.

  • Automatic-Enrollment: New employees will be automatically enrolled in the Colleges’ retirement plan at a contribution rate of 5% of gross pay (pre-tax). Employees can opt-out the auto-enrollment program by logging into Transamerica portal and opting out of the retirement plan. Employees who opt-out of the retirement plan, or contribute less than 5%, in their first two years of employment will be ineligible to receive the Colleges’ 5% matching contribution.

After two years of continuous employment: Beginning on the first of the month following the second anniversary, the Colleges contribute 8% of gross pay on behalf of the administrative employee/faculty member. Continued contributions of 5% by the administrative employee/faculty member after the second anniversary are not required in order to receive the 8% contribution from the Colleges. The 403(b) Plan is designed to help employees save for retirement so employees are encouraged to contribute voluntarily, in addition to the Colleges’ contribution. 

The Plan's Summary Plan Description (Amendment 1 | Amendment 2) provides more information in regards to:

  • employee contribution limits
  • normal retirement age
  • investment allocation options
  • eligible withdrawals following termination of employment
  • survivor's benefits
  • plan loans
  • eligible rollovers

Useful Retirement Planning Information

Please note: The benefit plans summarized on these web pages are guidelines only. 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.