All employees (except
student employees) are eligible to participate on a voluntary basis in
the Rollins College Tax Deferred 403b Retirement Plan. Eligible employees
can elect to contribute a flat dollar amount per pay, not to exceed the
limit imposed under the IRS Tax Code 415. Voluntary contributions
can be directed to TIAA/CREF Retirement Annuity (RA), TIAA/CREF Supplemental
Retirement Annuity (SRA), Fidelity and/or American Century.
Regular faculty and
staff working greater than 1,000 hours per year are eligible for college
contributions the first of the month after they meet the requirements of
one year of service and age 21. If you meet the above eligibility
requirement as a full-time Faculty or Staff member at another institution
of higher learning without a break in service just prior to becoming employed
at Rollins College, the waiting period will be waived. Adjuncts,
temporary employees, and students are not eligible for college contributions.
There is a seven percent base salary college contribution that requires
no employee contribution. Then, with a deferred employee contribution
of one to three percent of base salary, the college will contribute
an additional one to three percent of base salary. The maximum college
contribution is ten percent of base salary. Employee deferred and
college contributions are 100 percent vested immediately and can be directed
to TIAA/CREF (RA) or Fidelity.
FACULTY/STAFF CONTRIBUTION
COLLEGE CONTRIBUTION
0%
7%
1%
8%
2%
9%
3%
10% MAXIMUM COLLEGE
A Salary Reduction
Agreement must be signed to begin or change contribution amounts (including
the base college contribution of seven percent). To begin contributions
an account application from Fidelity, TIAA-CREF and/or American Century
is also required. There are two different Salary Reduction
Agreements: one if you decide to contribute
the maximum and one if you decide not
to contribute the maximum, but some lesser amount.
IRS Tax Code 415 limits are: $12,000
for 2003; this limit will increase by $1,000 each year until reaching $15,000
in 2006, and then will be indexed for future inflation.
If you are 50 years or older, you are eligible to contribute an additional
$2,000 in 2003; this limit will increase by $1,000 each year until reaching
$5,000 in 2006, and then will be indexed for future inflation. If
you have 15 or more years of service and have not been contributing the
maximum every year, you may be eligible to contribute up to an additional
$3,000 per year.
Information on fund
choices and allocation options is included in the enrollment package available
in the Human Resources Department. Employees may also contact
the company directly at: TIAA/CREF
(800-842-2776) Retirement Annuity (RA) and Fidelity
Investments(800-343-0860)
and American Century Investments
(formerly 20th Century Investments-800-345-3533).
All employee contributions
are deferred on a before-tax basis. Additional employee voluntary contributions
may be on a before or after-tax basis. All voluntary contributions to the
SRA under the TIAA/CREF Plan must be made on a before-tax basis.