Pension (See – Retirement Program)
Full-time faculty and salaried administrative employees.
All full time faculty and administrative employees become eligible for and are required to participate in the Teachers Insurance and Annuity Association /College Retirement Equities Fund (TIAA/CREF) retirement program the first day of the month following two years of employment. Faculty or administrative employees who, upon hire, have already established and have current an appropriate TIAA/CREF annuity contract through another institution, will be immediately eligible for participation in the College’s retirement program. Contributions under this retirement plan will be made on a monthly basis and deposited to the employee’s TIAA/CREF Retirement Annuity in accordance with the following schedule:
Contributions as a Percent of Regular Salary
|By the Participant||By the College|
|On salary up to $15,700||6.0%||6.3%|
|On salary above $15,700||6.0||12.0%|
Accumulations under this retirement plan may be withdrawn upon attainment of age 60 or if an employee becomes totally disabled. Withdrawals are subject to any restrictions placed on the funding vehicles offered by TIAA/CREF. An employee’s accumulations in TIAA/CREF Retirement Annuities may be received in a single sum prior to age 60 through “repurchase” if certain conditions are met. If the employee in this retirement plan terminates employment with the College and requests that TIAA/CREF repurchase his/her Retirement Annuities, the College will approve such repurchase if, at the time of the request, all of the following conditions apply:
a. the total TIAA Traditional Annuity accumulation in all Retirement Annuities owned by the employee is not over $2,000.00 and the employee’s total value of all Retirement Annuities is less than $4,000.00
b. the participant does not have a TIAA Transfer Payout Annuity (TPA) in effect.
After completing two years of employment, an employee is contacted by the Payroll Office to enroll in the retirement program. (Eligibility start date is the first of a month following two years of employment.) The employee is required to complete the forms necessary for enrollment, including the naming of a beneficiary and allocation of premiums to TIAA (fixed annuity) or CREF (variable annuity).
Further information is available through the Business Office, the Payroll Office, or by contacting TIAA/CREF directly using the 800 phone number on your TIAA/CREF statement.
Adm. Council approved/effective 3/1/01