Effective January 1, 2009, part-time employees will be eligible for retirement under the TIAA-CREF plan. Part-time faculty also working as staff employees will have their hours of instruction count towards the required 500 hours in order to receive a matching contribution from the College. The following employee categories will not be eligible for the retirement plan:
For part-time employees who are considered seasonal (one semester or less), the attached exemption form will need to be completed and submitted to Human Resource Development.
Beginning January 1, 2009 eligible employees will have a 5% pre-tax deduction from their gross pay. Once an employee reaches 500 hours (monitored by Payroll) they will then receive the 5% matching contribution from the College for all funds contributed to date (retroactive dollar for dollar). From that point, the matching contribution will continue until the employee has earned a total of $ 7,800 at which point the College will contribute 10% while the employee contribution remains at 5%. If an employee becomes eligible during any calendar year they will automatically be eligible during all future calendar years. Part-time faculty hours will be calculated as follows: 1 credit = 15 hours.
Part-time employees are required to complete all required employment information with their immediate supervisor. The immediate supervisor is responsible for reviewing the required employment information to be submitted for completeness and accuracy. The required forms are as follows:
Part-time employees will submit all completed information to Human Resource Development and meet with Human Resource Development to determine an employee’s eligibility to participate in the plan. The employee must meet with Human Resource Development regarding eligibility for retirement under the TIAA-CREF plan before any payroll information will be processed. In addition, incomplete employment information will not be accepted which can and/or will delay start dates of the part-time staff employee.
If an employee resigns, quits, or is terminated during the calendar year, they are responsible for contacting TIAA-CREF regarding any monies in their account.
Those employees that do not reach the 500 hours but continue to be employed will not receive the College’s contribution or be able to withdraw their contributions until there is an official separation from the College.