Regular full- and part-time employees who work at least 1,000 hours per year are eligible to participate in the Section 403(b) retirement program administered by Teachers Insurance Annuity Association-College Retirement Equity Fund (TIAA-CREF). The following categories of persons employed by the College are not eligible to participate in the Retirement Plan regardless of whether or not they are credited with 1,000 or more hours of service: (a) adjunct faculty members; (b) interns; (c) temporary employees; (d) leased employees; (e) student workers; (f) employees who are non-resident aliens and who receive no compensation which constitutes U.S. source income; or (g) independent contractors.
Within the TIAA-CREF plan, there are two annuity options from which to choose: the Retirement Annuity (referred to as the RA) and the Supplemental Retirement Annuity (referred to as the SRA). The Summary Plan Description (SPD) for the Retirement Annuity and for the Supplemental Retirement Annuity will provide you with more specific information and answer some of your most commonly asked questions about each Plan.
Retirement Annuity (RA)
(Effective date: An eligible employee may begin participation in the plan on the first of the month following completion of one year of full-time employment as defined by the IRS. If previously employed as a full-time benefit-eligible employee at an institution of higher education for one year immediately preceding employment at Allegheny College, participation can begin immediately;
Plan is voluntary with the employee paying 6% and the College matching it with 9%, or with the employee paying 4% and a 7% match by the College. Vesting in the plan is immediate. To enroll, you need to complete the TIAA-CREF Enrollment Form and the Salary Reduction Agreement and return both forms to the Office of Human Resources.
Group Supplemental Retirement Annuity (GSRA)
(Effective date: Immediate;
Group Supplemental Retirement Annuity (GSRA) is a tax-deferred annuity available to employees of Allegheny College. As an Allegheny College employee, you are eligible to join the GSRA at any time. When you sign up, you elect to put a portion of your salary into an GSRA account before payroll taxes are calculated. Your contributions lower your taxable salary, so you pay less in taxes now. Further, all earnings on your GSRA are tax-deferred, so you pay no taxes on contributions or earnings until you receive them as income. A GSRA, unlike the Retirement Annuity, offers loans to give you more financial flexibility between now and retirement. To enroll, you need to complete the TIAA-CREF Enrollment Form and the Salary Reduction Agreement and return both forms to the Office of Human Resources.