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403(b) Retirement Plan

The Colby College 403(b) Retirement Plan provides contributions to individually owned retirement annuity contracts issued by Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA).

Contributions to annuity contracts are immediately vested and participants may allocate contributions among different investment funds.

Human Resources has worked with TIAA to bring several valuable enhancements to our retirement plan, including non-TIAA investment options, TIAA 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 for you to manage your retirement savings investments.

Retirement Plan Enhancements (08/22)

Due to changing regulations and the evolution of 403(b) plans, the way TIAA administers retirement plan loans is changing. If you anticipate seeking a loan from your retirement account, please read this notice carefully to learn how you may be affected.

Retirement Plan Loans (10/21)

NEW! Voluntary: Roth 403(b)

Any employee paid by the College may participate in a voluntary Roth 403(b) account with the College by enrolling with TIAA. Within limits prescribed by law, Roth contributions are made to your retirement plan after taxes have been deducted from your paycheck. Through this option, you can voluntarily contribute post-tax funds to your retirement account. The contributions grow tax free and can be withdrawn tax free in a qualified distribution. Voluntary contributions can start, stop, or be changed monthly.

There is no waiting period to participate and contributions can begin as soon as your account is established with TIAA. Colby does not match or contribute to the Roth 403(b).

Contributions are subject to IRS income regulations. To review contribution limits, click here.

To learn more about the new Roth option, visit TIAA.org/roth or review this flyer.

To start Roth contributions, detailed instructions can be found here.

 

Voluntary: Group Supplemental Retirement Annuity (GSRA)

Any employee paid by the College may participate in a voluntary GSRA account with the College by enrolling with TIAA. Within limits prescribed by law, such contributions are not subject to federal and state income tax; rather, earnings will be taxed when received as benefits upon withdrawal. Voluntary contributions can start, stop, or be changed monthly.

There is no waiting period to participate and contributions can begin as soon as your account is established with TIAA. Colby does not match or contribute to the GSRA.

Contributions are subject to IRS income regulations. To review contribution limits, click here.

Mandatory: Retirement Annuity (RA)

As a condition of employment, participation in a retirement annuity plan begins after two years of eligible employment. The retirement plan requires contributions from both the College and the employee. Contributions are made per pay period once an employee becomes eligible. The College contributes 8% on the first $84,900 of base salary and 10% on eligible earnings above $84,900. Employees will contribute 2% of their salary, and these mandatory contributions will be made on a salary-reduction basis. After you have successfully completed the two-year waiting period, contributions to an RA account will be initiated automatically.

Click here to understand the annuity contracts available under the Colby College retirement program.

Establishing Annuity Contract(s) with TIAA

You must first register with TIAA online to create a voluntary and/or mandatory annuity contract.

Additional services TIAA offers:

IMPORTANT: If you do not establish an account with TIAA, one will be set up for you. Please refer to the Qualified Default Investment Alternative (QDIA) Initial Notice for additional information.

Retirement Links