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 percentage per pay, not to exceed the limit imposed under the IRS Tax Code 415. Voluntary contributions will be deposited in an account with Transamerica Retirement Solutions.
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 will be deposited in an account with Transamerica Retirement Solutions.
For employees who are eligible for Rollins contributions, the following is the matching schedule:
|Employee Match Election||Rollins Contribution|
Employees must create an account and enter their elections on the Transamerica website: rollins.trsretire.com. Details on IRS maximums are also found on the website.
Information on fund choices and allocation options is available on the Transamerica website: rollins.trsretire.com. Employees may also contact Transamerica at 800-755-5801.
All employee matched contributions (first 3% of contributions) are on a before-tax basis. Additional employee voluntary contributions may be on a before or after-tax basis.
The Roth 403(b) after-tax option is offered through Transamerica Retirement Solutions. With a Roth 403(b) feature, you can designate all or a portion of your future deferral contributions as “Roth contributions.” Traditional 403(b) contributions are made on a pre-tax basis and are not included in current taxable income. The pre-tax contributions and any earnings will be subject to income taxes when withdrawn. In contrast, Roth 403(b) contributions are made on an after-tax basis and are included in current taxable income. Earnings are tax free if they are part of a “qualified distribution.” The IRS contribution limit combines both Roth 403(b) and traditional 403(b) pre-tax contributions.
Rollins College also has an established 457(b) Deferred Compensation Plan through Transamerica Retirement Solutions. 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 Transamerica funds available in the 403(b) plan.
To determine eligibility, view the plan document, or enroll, visit the Transamerica website: rollins.trsretire.com.