Mandatory/Matching Retirement Plan - Staff and Full Time Faculty
The College provides retirement benefits through a 403(b) tax-deferred defined contribution plan. Eligibility criteria and waiting periods for the College's matching contribution vary by classification of employment. An employee who meets the eligibility requirements must contribute, as a condition of employment, 3% of base salary on a pre-tax basis to receive the College's 9% match. Upon enrollment, all contributions are 100% vested.
Emerson provides staff employees credit towards participation in its matching retirement plan based on previous employment at other accredited, degree-granting colleges and universities. The new staff employee have their former employer complete and submit a Verification of Service Credit Form verifying that they have been employed by another higher educational institution for at least two years, at at least 1000 hours per year, and that this employment immediately preceded their employment at Emerson College (within 120 days). The former employer also verifies that the employee was in an employment classification eligible to receive employer contributions (even if in a waiting period when they left employment) in a broad-based employee retirement program, such as a 403(b) plan, 401(k) plan or a qualified pension or savings plan.
Effective August 1, 2020, the mandatory (3%) employee contributions and matching (9%) employer contributions to the retirement plan will be suspended. Voluntary employee contributions will continue, and employees may enroll or change their voluntary contributions at any time (see Voluntary section below). For more information about this change, please read the following email: Mandatory/Match Contribution Suspension beginning August 1, 2020.
Contributions to the Mandatory/Matching Retirement Plan will be directed to accounts with Transamerica.
To access your account and make fund selections for the retirement plan contributions, go to the Transamerica website.
For assistance with registration, see Transamerica Registration Instructions.
For detailed information about the plan, see the 403b Summary Plan Description.