Mandatory contributions
All faculty and staff working 1,000 or more hours per year are required to participate after one year of eligible employment and age 21. The College currently contributes 5% of each participant's regular basic annual compensation. Eligible salaried employees must contribute 4% and professional non-exempt and hourly staff employees must contribute 3% of basic annual compensation. Both College and employee contributions are totally vested immediately.
Voluntary salary reduction contributions
All faculty and staff are eligible. There is no waiting period to become eligible to participate and employees may start contributing to the Plan the first of the month following employment with the College. The Internal Revenue Code (IRC) limits the amount one can voluntarily contribute to the retirement plan.
The College retirement plan is provided through the Teachers Insurance Annuity Association and College Retirement Equities Fund (TIAA-CREF).
For more information, refer to the benefits section of the Human Resources page on my.CSS.