RETIRMENT PLANS
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Federal Insurance Contributions Act (FICA) - Social Security - All faculty members will be covered by the provisions of the Federal Insurance Contributions Act (Social Security). The College will pay one-half the annual contribution required for each faculty member. The remaining one-half contribution will automatically be deducted from the faculty member's salary payments according to the current Federal schedule.

TIAA-CREF - Eligible faculty may participate in this retirement plan effective the first day of the month following one year from the date of their appointment. If they have a comparable TIAA-CREF contract, however, the benefit would be effective the first of the month on or following the date of hire. The College contributes an equivalent of 7% of annual salary plus 5.7% of the difference between annual pay and one-half the Social Security wage base. The retirement funding commitment increases according to a schedule outlined in the Summary Plan Description available in the Human Resources Office. Enrollment is not automatic; forms must be completed and submitted to Human Resources - Benefits. An application packet will be sent to employees once the waiting period has been completed.

Tax-Deferred Annuity (403(b) or 403(b)(7) Accounts - Under the IRS Code 403(b) or 403(b)(7), you are permitted to set aside tax-deferred retirement funds in addition to the amounts being contributed by the College to your regular retirement account. These voluntary salary reductions are sheltered from Federal and State taxes. They are subject, however, to Social Security (FICA) taxation. The College has TDA arrangements with TIAA-CREF SRA, Fidelity, and Calvert Investment Funds. Application packets and salary reduction agreement forms are available from the Human Resources.