Retirement Programs

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Plan Overview:

Lewis & Clark College provides a generous retirement plan in the form of a 403(b) defined contribution Group Retirement Annuity (GRA) to eligible employees. A defined contribution plan provides payout at retirement that is dependent upon the amount of money contributed and the performance of investment vehicles used.

Retirement Contribution Form

Eligibility:

Eligible employees are regular (not adjunct) faculty and staff, 21 years of age or older, who work at least 1000 hours or more per year.

There is a one year waiting period for participation in the plan, after which time the College will contribute 10% of the employee’s monthly base salary to the Group Retirement Annuity (GRA) plan. There is no required employee match to receive this benefit.

All employees, including adjunct faculty and temporary employees, may enroll in the College’s Supplemental Retirement Annuity (GSRA) upon hire. Employee contributions are made on a tax-deferred basis into the 403(b) plan via salary reduction. Employees must contribute at least $200 per calendar year into the plan. Contributions may be changed or stopped at any time. A salary reduction form is required in order to participate in the plan or make changes to contributions

Non-profit Annuity Plan and Mutual Funds:

The 403(b) retirement annuity plan is carried by the Teachers Insurance and Annuity Association (TIAA) and the College Retirement Equities Fund (CREF). TIAA is a non-profit legal reserve insurance company that invests in a broadly diversified group of direct loans to business and industry, government and corporate bonds, and commercial mortgages and income-producing real estate. CREF is a separate, non-profit corporation which manages a diverse complement of variable annuities and Mutual Funds. These investment options cover the different styles and risk levels which help create a well balanced portfolio.

TIAA-CREF’s Open Plan Solutions, introduced in March 2006, offers even more investment choices as well as a simplified “one decision” option called the LifeCycle Fund. The LifeCycle Fund is an investment solution for participants who want to make a single decision based on their projected retirement age and have their portfolios automatically rebalanced and adjusted as they get closer to retirement.

Waive the One Year Waiting Period:

Individuals who show that they have completed 12 months of service in which they worked at least 1,000 hours with another institution of higher education within 6 months of their employment with Lewis & Clark College may be able to waive the one year waiting period. Contributions are fully vested immediately.

Sample Wavier Language

Do You Have Your Online Account?

Sign up here with TIAA-CREF.

It is easy and fast to enroll online. Here are the Written Instructions. Before you enroll, please have the following information available:

• Your investment choice allocations
• The access code for Lewis & Clark's contributions (GRA): ORY252
• The access code for your contributions (GSRA): OR0478
• Your Social Security number
• Your beneficiary's Social Security number, birth date, and address

Leaving the Plan:

Upon separation from the College the employee may leave the funds with TIAA-CREF, roll the funds into another 403(b), 401(k) or 457 account, or roll the funds into an IRA. Cash withdrawals are available in some circumstances. However, any funds cashed out prior to age 59 1/2 may be subject to income tax and a 10% tax penalty.