TIAA-CREF Retirement Plan
Eligibility to receive the College's contribution occurs after one year of eligible employment. The one-year waiting period will be waived if the employee met the one year of eligible employment in another educational or teaching institution in the year immediately preceeding the date he or she joined Kenyon. Participation is mandatory for faculty, exempt administrators, and non-union, non-exempt staff members.
The College's retirement program is underwritten by Teacher's Insurance and Annuity Association (TIAA) and the College Retirement Equities Fund (CREF). College and employee contributions are used to purchase shares in these funds. The shares are fully vested, portable annuities. TIAA invests almost exclusively in broadly diversified stocks. Employees have the right to determine how theirs and the College's contributions are allocated between these two funds.
Employees contributions are deducted from their pay under a reduction agreement. Under this agreement the gross pay is reduced by the contribution amount and the remaining amount is taxed. Taxes are deferred until the employee begins receiving benefits.
Supplemental Retirement Annuities (SRA)
Participation may begin on date of employment and is optional. SRA's provide an opportunity to purchase additional TIAA and/or CREF Annuities under a reduction agreement only. This purchase is in addition to the regular TIAA/CREF retirement annuities mentioned above.
ROTH 403b Option
Contribute after-tax dollars, enjoy tax-free distributions after age 59 1/2.ROTH plan description
NOTE: These plans have been described here in a general manner. Your benefits are more fully described in the plan document. In case of a conflict or omission, the provisions of the plan document will govern.
Universal Availability Notice
Kenyon College (the "plan sponsor") provides you with the opportunity to save for your retirement through the Kenyon College Tax Deferred Annuity Plan* (the "Plan"). Your employer would like you to know more about how you can participate in the Plan. Whether you want to enroll in the plan, or you are already enrolled but wish to change the amount of your deferral, you can accomplish your goal by filling out a "403(b) Salary Reduction Agreement." You can obtain a copy of the agreement and information on the plan from the Kenyon College Office of Human Resources at 209 Chase Avenue, by calling (740) 427-5173, or on the Kenyon College website at www.kenyon.edu/humanresources.xml.
All employees of Kenyon College who receive compensation reportable on an IRS Form W-2 are eligible to participate in the plan, as long as the employee contributes a minimum of $200 per year. (Kenyon College students are not eligible to participate.)
Please take a moment to review the plan brochure before enrolling. Once you are enrolled, you can review and change the amount of your contributions and your investment allocations at any time. The exact date your investment allocations will take effect may vary depending upon the policies of the financial service firm providing the investment options you chose for plan contributions.
Also, please be aware that the law limits the amount you may defer under this and other plans in any tax year. For 2011, the limit under all plans of this type is generally $16,500 although larger limits may apply if you are age 50 or over or you have at least 15 years of service with Kenyon College. Each participant only gets one limit for contributions to all 403(b) plans, so if you are also a participant in a 403(b) plan of another employer, your combined contributions to that plan and to the Kenyon College plan(s) in 2011 is generally limited to $16,500. If you do participate in more than one 403(b) plan, you are responsible for tracking and reporting the amount of all of your contributions to the plans so that the total amount of all your contributions to all plans in which you participate do not exceed the limit. Note also that the sum of all of your contributions, and those of your employers, to all 403(b) plans that you participate in are generally limited to the lesser of $49,000 or 100% of your compensation in 2011.
For further details, or if you have questions, please contact the Office of Human Resources at (740) 427-5173 or consult the Human Resources website for more information. www.kenyon.edu/humanresources.xml.
*Kenyon College does not make employer contributions to the Kenyon College Tax Deferred Annuity Plan. Employees who meet the eligibility criteria will receive an employer contribution when they participate in the Kenyon College Defined Contribution Retirement Plan or the Kenyon College Defined Contribution Retirement Plan for Collective Bargained Employees.