TAX DEFERRED 403(b) RETIREMENT PLAN INFORMATION
TAX DEFERRED 403(b) RETIREMENT PLAN INFORMATION
All employees (except student employees) are eligible to participate on a voluntary basis in the Rollins College Tax Deferred 403b Retirement Plan. Eligible employees can elect to contribute a flat dollar amount per pay, not to exceed the limit imposed under the IRS Tax Code 415. Voluntary contributions can be directed to TIAA/CREF Retirement Annuity (RA), TIAA/CREF Supplemental Retirement Annuity (SRA), Fidelity and/or American Century.Regular faculty and staff working greater than 1,000 hours per year are eligible for college contributions the first of the month after they meet the requirements of one year of service and age 21. Adjuncts, temporary employees, and students are not eligible for college contributions. There is a seven percent of base salary college contribution that requires no employee contribution. Then, with a deferred employee contribution of one to three percent of base salary, the college will contribute an additional one to three percent of base salary. The maximum college contribution is ten percent of base salary; however, the employee can contribute additional voluntary up to the IRS limit. Employee deferred and college contributions are 100 percent vested immediately and can be directed to TIAA/CREF (RA) or Fidelity. Deferred employee and college contributions cannot be directed to American Century or the TIAA Supplemental Retirement Annuity (SRA).
A Salary Reduction Agreement must be signed to begin or change contribution amounts (including the base college contribution of seven percent). To begin contributions an account application from Fidelity, TIAA-CREF and/or American Century is also required. There are two different Salary Reduction Agreements: one if you decide to contribute the maximum and one if you decide not to contribute the maximum, but some lesser amount. Details on IRS maximums are found on the Salary Reduction Agreement.
Information on fund choices and allocation options is included in the TIAA-CREF, Fidelity and American Century enrollment packages available in the Human Resources Department. Employees may also contact the company directly at: TIAA/CREF (800-842-2776) Retirement Annuity (RA) and Fidelity Investments (800-343-0860) and American Century Investments (formerly 20th Century Investments-800-345-3533).
Additional detailed Information on the Fidelity fund options are available in two investment options brochures. The Rollins College Savings Plan Investment Options brochure details the approximately 63 funds you can choose for your deferred contributions (first three percent) and the college contributions (seven to ten percent). You can choose from any of the Fidelity funds available for retirement investing for your additional voluntary contributions. The Expanded Supplementary Investment Options details all Fidelity funds available for retirement investing. Also, for information on the Fidelity Freedom lifestyle funds there is a video available from one of the portfolio managers.
All employee deferred contributions are on a before-tax basis. Additional employee voluntary contributions may be on a before or after-tax basis. All voluntary contributions to the SRA under the TIAA/CREF Plan must be made on a before-tax basis.
The TIAA-CREF Supplemental Retirement Annuity (SRA) account has more flexibility than the TIAA-CREF Retirement Annuity (RA) account. In the SRA, money can be transferred between all funds including the traditional annuity, loans and hardship withdrawals are allowed in certain circumstances, and withdrawals can begin at 59 1/2 years old even if still actively working. The cost of the additional flexibility is a lower interest return on the TIAA Traditional Annuity fund in the SRA than in the RA.
For additional information please review Rollins College Policy 300.10 and the Plan Information Booklet and the Summary Plan Description (SPD). The Plan Document can be found by clicking here and signing in as an employee.
457(b) DEFERRED COMPENSATION PLAN INFORMATION Rollins College also has an established 457(b) Deferred Compensation Plan through TIAA-CREF. These plans are established for a select group of highly compensated employees and allow additional tax-deferred contributions. The Internal Revenue Code requires that assets within the contract are considered part of Rollins College general assets until a distribution occurs at separation from employment. Participants do have the ability to select their own asset allocation from the same TIAA-CREF funds available in the 403(b) plan.
To determine eligibility and enroll, a 457b Voluntary Salary Deferral Agreement and a 457b Deferred Compensation Plan Information form must be completed. Please contact Human Resources for further information and enrollment materials.