To assist employees in planning for retirement, the college has established a defined contribution retirement plan. After one year of service, the college contributes an amount equal to 8% of an employee’s base compensation to an account in the employee’s name. In addition there is also an opportunity for an employee to make additional contributions and to manage their own investments. Full details are found in the plan documents listed below.
The IRS has published the 2020 retirement plan limits:
Individual Contributions $19,500
Catch Up (Age 50+) $6,500
Individual retirement Account (IRA) $6,000
Catch Up (Age 50++) $1,000
Did you know?
Are you saving enough for your retirement? Whether you plan to retire tomorrow or in 20 years, TIAA offers many tips and tools to help individuals plan for their retirement. Visit www.tiaa.org for more information.