ROTH 403(b) plan
Juniata College has worked closely with TIAA-CREF to bring some exciting enhancements to your retirement plan. You now have available to you additional investment choices including TIAA-CREF Lifecycle Funds and personalized advice and planning services. These enhancements are designed to make it easier than ever for you to manage your retirement savings investments. More information about these enhancements are available here.
The retirement program available to regular, full-time employees is administered by the Director of Human Resources. While the following summaries briefly describe the various programs, their actual terms - including all special conditions and limitations - are stated in the summary plan descriptions.
Appointments for individual counseling sessions on TIAA-CREF plans available through Juniata College can be made by contacting the State College Office.
Regular Retirement Plan Summary
The College provides a retirement plan through the Teachers Insurance and Annuity Association (TIAA), and the College Retirement Equities Fund (CREF). Eligible employees may participate in the TIAA/CREF plan and must enroll after one year of service at Juniata College. Individuals having a current TIAA/CREF contract are eligible to begin participation immediately. The College contributes 10% and the individual contributes 2% of his/her salary, which is deducted from the monthly pay. The 2% employee contribution may be made on a tax-deferred basis.
Any participant leaving the College is fully vested in his/her policy, and may continue contributions thereafter on a personal basis. Each individual participating in TIAA/CREF has a variety of investment options to choose from and may change their investment allocation at any time.
Supplemental Retirement Annuity Summary
In addition to the regular retirement annuity program described above, it is possible for eligible employees to contribute to an annuity contract known as a Supplemental Retirement Annuity (SRA). The SRA is especially designed for use by persons who want to set aside tax-deferred retirement funds over and above amounts being accumulated under the mandatory retirement plan. Under certain conditions, a partial withdrawal of the accumulated value, less administrative charges, can be made prior to retirement. The amount contributed to an SRA and other tax-deferred annuities described above must not exceed the limitations set by the Internal Revenue Code.
The Director of Human Resources will provide individualized information about these limitations upon request. SRA's are fully-owned by the employee and provide the same choice of lifetime annuity income and death benefit options as the regular plan, but there is a higher expense charge because of the cost of administering their additional features.
All salary reduction amounts are subject to state and local taxation.