Retirement Plan Enhancements
Human Resources has worked with TIAA-CREF to bring several exciting enhancements to our retirement plan. Effective 1/18/10, we added seven new non TIAA-CREF investment options, TIAA-CREF Lifecycle Funds, personalized advice and planning services, and a dedicated website putting your retirement savings plan information at your fingertips. These enhancements are designed to make it easier than ever for you to manage your retirement savings investments.
Colby’s Retirement Annuity Program
Colby’s base contribution to the Retirement plan is 8 percent and the employee mandatory salary reduction is 2 percent. The College will contribute 10 percent on earnings above $84,900. (Some pre-1993 employees received additional supplemental contributions to the Retirement Plan associated with the termination of the Retirement Plan for Non-Academic Employees. Those additional contributions will continue to be made.)
Voluntary salary reduction contributions
If you would like to make additional contributions towards your retirement, you may do so by making additional voluntary contributions to a supplemental retirement annuity (SRA) offered through the College. Additional voluntary contributions are subject to Internal Revenue Code limits — $17,500 in 2014 ($23,000 for employees age 50 and older) – and require execution of a salary reduction agreement.
- Salary Reduction Agreement
NOTE: Please return the above forms to Human Resources and NOT Payroll. There is additional paperwork that must be submitted in order for your additional contributions to take effect.
- Calculation of your 2014 contribution limit
If you would like an estimate of your tax deferral limit for 2014, please contact Rose Griffin, Benefits Specialist, at extension 5503. Please remember that contributions to tax deferred annuities require execution of a salary reduction agreement and may be changed only once per calendar quarter.
- Annual contribution limit
You may also contribute up to $5,500 if you are less than 50 years old. If you are age 50 and above, you may contribute up to $17,500. Contributions are subject to IRS income regulations.