TIAA-CREF Retirement Plan

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.

Administrative, Faculty, and Staff

Kenyon Pays: 9.5% of salary
Employee Pays: min.of 5% of salary

Custodial and Grounds

Kenyon Pays: 9.5% of salary
Employee Pays: min. 5% of salary

Skilled Trades

Kenyon Pays: 9.5% of salary
Employee Pays: min. 5% of salary