The College provides retirement benefits through a 403(b) tax-deferred defined contribution plan - the Mandatory Retirement Plan. Eligibility criteria and waiting periods for this plan 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. The College provides a 9% contribution. Upon enrollment, all contributions are 100% vested.
Emerson provides staff employees credit towards participation in the Mandatory Retirement plan based on previous employment at other accredited, degree-granting colleges and universities. The new staff employee has 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. If the new employee meets these criteria, they are enrolled in the Mandatory Retirement plan effective the 1st of the month following the receipt of the completed form from their former employer.
- Contributions to the Mandatory 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.