Retirement Plan (TIAA-CREF)
The College provides employees a 403(b) retirement plan with TIAA-CREF for the purpose of accumulating a source of retirement income in addition to other sources such as Social Security and personal savings.
Defined Contribution Plan (Mandatory)
This program is mandatory for all full-time employees, age 18 or older, upon hire. Full-time employees are those employed on a regular basis who are hired to work a full daily schedule each week (35 hours or more). The eligible employee contributes a minimum of 4% of his/her base salary. The College contributes 7% of the same salary base.
Tax-Deferred Annuity Plan (Elective Deferrals)
All employees of the college (full-time and part-time) may participate in a tax deferral arrangement authorized in Section 403(b).
Available through our tax-deferred annuity plan, Voluntary Retirement Contracts provide the opportunity for all employees to make contributions to a retirement plan on a pre-tax basis through TIAA-CREF. There is neither a minimum age requirement nor any waiting period to join. The College makes no contribution to this plan. Contributions made to the Retirement Contract Plus Plans are not a substitute for participation in the regular defined contribution retirement plan when one qualifies for that Plan.
Important Changes for FY22
As of July 1, 2021, the college will reinstate contributions into the 403(b) retirement plan for benefit-eligible employees. Please keep in mind that, in addition to the mandatory plan, employees may make additional elective deferrals to their retirement plan up to the IRS maximum allowance. These additional employee contributions may help you better prepare for your long term financial security.
TIAA-CREF has developed a microsite for Ursinus within their website. This microsite will provide plan members with more information on the plans offered and investment options available with each plan, current performance of investment options and summary of their plan services and costs. It also provides links to tools and calculators to assist you as you plan for your retirement goals.