TIAA-CREF Retirement Plans
There are two plans that make up the retirement program at the College. The first is the Group Supplemental Retirement Annuity (GSRA) - this plan all employees are eligible for coincident with or next following the first of the month next following the date of hire. The second plan is the Retirement Annuity (RA), most employees are eligible for after one year of service. There are certain exceptions that some employees may be able to join immediately. Details below:
Group Supplemental Retirement Plan (GSRA) - also called a Tax Deferred Annuity (TDA)
- All employees are eligible for this benefit on the first of the month coincident with or next following their hire date. This benefit is not limited to just benefit eligible employees; all employees may join this plan.
- This plan is strictly the employee's money going in on a before-tax basis (there is no college match).
- In order to find out how much an employee can contribute to this plan, HR works with TIAA-CREF to complete a calculation as the IRS limits the maximum an employee can contribute per year.
- This plan offers flexibility that the basic retirement plan of the college does not -
- employees are allowed to take loans from this plan
- employees are allowed to roll-over other retirement plans into this plan
- this plan is cashable after termination (including roll-over provisions)
- there are no college specific plan limitations placed on this plan
Retirement Annuity (RA)
- All benefited employees are eligible to participate in this plan one-year after their benefits service date and after having obtained age 21.
- If benefited employees have worked at another institution that offered a 403(b) within the last 12 months prior to being hired at Colorado College; they are eligible or required (depending on age) to join the plan the first of the month coincident with or next following their date of hire.
- All benefited employees that reach the later of one year of service or age 30 must join this plan at the one year benefit mark (this is a mandatory provision under the plan policy).
- This plan is a 5% contribution rate by the employee and a 9.3% contribution rate from Colorado College . There are no other choices than this set contribution.
- This plan is fully vested immediately.
For further information about the above named plans, please refer to the Summary Plan Description (SPD). This document provides general information only and is intended to give you basic information about the benefits program at Colorado College . It is not a contract and does not modify the terms of any of the above named plans. If there is any conflict between this information and the plan terms, the plan document will serve as the official record. |
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