The College offers a 403(b) tax-deferred annuity plan that allows employees to make voluntary, tax-deferred contributions through payroll deduction to either supplement or initiate their retirement savings. Employees may make pre-tax voluntary contributions to this plan up to the annual limits allowed by the IRS. Starting in January 2024, employees can also elect to make contributions to a Roth (post-tax) plan*. No matching contributions are made by the College into the Voluntary plan.
For the 2024 calendar year, the IRS contribution limit is $23,000. Employees age 50 and over can contribute an additional $7,500 under the "catch-up" provision.
Contributions to the Voluntary Retirement Plan will be directed to accounts with Transamerica.
To access your account, make deferral elections and changes, and make fund selections for the retirement plan contributions, go to the Transamerica website. You can choose a percentage contribution or a dollar contribution (per paycheck). For assistance with registration, see Transamerica Registration Instructions. You can also contact Transamerica customer service at 800-755-5801 for assistance with enrollment.
Changes to the voluntary deferrals can be made at any time. Please note that changes made on the Transamerica can take up to 2 paychecks (after the date of the change on the Transamerica site) to take effect for semi-monthly employees, and up to 3 paychecks for weekly employees.
For detailed information about the plan, see the 403b Summary Plan Description.
*Want to learn more about Roth contributions? Transamerica holds webinars throughout the year on this topic. See below:
Webinar: Is Roth Right for You? Click here to sign up: https://register.gotowebinar.