The College currently sponsors a 403(b) retirement program through TIAA-CREF. This plan provides for contributions by the College (Employer Contributions) and employee (Elective Deferrals). Employees determine the investment mix of their accounts. Retirement plan accounts are 100% vested. Benefits are not taxed until funds are distributed.
Contributions by the College
Available to eligible employees after two years of employment. Toward the two-year waiting period, credit will be applied for those who taught 22 or more credit hours during the previous 12 month period or worked at least 1,000 annual hours at other institutions of higher education within 5 years immediately prior to joining Nazareth College. If the employee contributes at least 2% of base salary, the College contributes 8% of base salary. After five years or more of eligible service at Nazareth College, the College’s contribution increases to 10% of base salary.
Contributions by Employees
All employees may make contributions on a tax-deferred basis to a 403(b) account with TIAA-CREF. This benefit is available upon employment. Federal law determines the maximum amount you are eligible to contribute under these plans as noted below.
|Annual Contribution Limits
|Amount allowed for all participants||$18,000|
|Additional amount allowed for participants age 50 or over||$6,000|
- Individuals who have more than 15 years of service with the College may be eligible for an additional contribution allowance depending on the level of prior contributions.
- If you are already in the retirement plan and want to change the amount of your contribution, or to determine your eligibility to defer additional funds, please contact the Human Resources Department at extension 2065.
- If you are interested in joining the TIAA-CREF retirement plan prior to your eligibility to receive the College’s contribution, please contact the Human Resources Department at extension 2065.
Detailed information about these plans may be obtained from Human Resources at extension 2065.
TIAA-CREF Counseling Sessions
Representatives from TIAA-CREF are on campus on a periodic basis to provide individual counseling sessions on investment strategies, long-term investment goals, asset allocation and general retirement and financial planning. You will be notified when representatives from TIAA-CREF are on campus.
If you would like to schedule an off-campus appointment, please call TIAA-CREF at 1-800-732-8353.