All full-time and part-time members of the faculty and administrative staff whose employment status includes fringe benefits and who work an average of twenty (20) or more hours per week over 52 consecutive weeks must participate in the College retirement plan with Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA/CREF). Enrollment begins the first month following the completion of one (1) full year of service. Other employee groups are eligible for this benefit in accordance with their collective bargaining agreement.
During the first six years in the plan, employees contribute 4% of their base salary and the College contributes 7.5%. Beginning with the eighth year of employment or with the granting of tenure, employees contribute 1% and the College contributes 10.5%. After fifteen years of employment, the College's contribution increases to 12%. Employees are immediately vested in the plan.
In addition to the Retirement Plan, employees are eligible to enroll in a Supplemental Retirement Account (SRA) to which they voluntarily contribute through salary reduction. There is no waiting period for enrollment in an SRA.
The Office of Human Resources has responsibility for ensuring enrollment in the TIAA/CREF Retirement Plan
Enrollment materials and salary reduction agreements are available at
http://enroll.tiaa-cref.org/marist/
