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) union employees whose employment is governed by a collective bargaining agreement under which retirement benefits were the subject of good faith bargaining; or (g) independent contractors.
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. Employee contributions can be made on a pre-tax or Roth basis. Vesting in the plan is immediate.
Employee elective deferrals (with no employer match contributions) can also be made to the plan on a pre-tax or Roth basis.
For personal security purposes, TIAA no longer permits the download and distribution of their forms for anyone other than the participant logged into their website. Please visit www.tiaa.org and register to view your account and access any needed information.