Announcement: Auto-Enrollment for the 403(b) to Start January 2, 2013
November 30, 2012
Lewis & Clark College is happy to announce the implementation of our TIAA-CREF 403(b) Group Supplemental Retirement Annuity (GSRA) Auto-Enroll service for all new employees joining the college on or after January 2, 2013. The Auto-Enroll service will enable the college, as the plan sponsor, to automatically enroll all new employees (staff, faculty, adjuncts, and temp-on-calls) in a voluntary pre-tax deferral plan at a uniform salary deferral rate of 3% of their salary. New participant’s contributions will be placed in a Qualified Default Investment Alternative (QDIA) and they will receive communication from TIAA-CREF about the plan’s default investment option and educational materials to help them actively select their own investment choices. The plan contributions will be automatically invested in an age appropriate TIAA-CREF Lifecycle Fund selected for the participant based on their projected retirement date. Each TIAA-CREF Lifecycle Fund provides a ready-made diversified portfolio using TIAA-CREF mutual funds as underlying investments, which include stocks and fixed income. However, new employees will have the option to invest in any of the other approved TIAA-CREF funds.
New employees subject to the auto-enrollment feature may choose to opt-out within 90 days of the initial date of contribution. They may also opt to change the contribution rate at any time.
Just a reminder, all non-student employees (staff, faculty, adjunct, and temp-on-calls) who are 21 years and older are eligible to voluntarily contribute to the 403(b) retirement plan no matter what your job status (any FTE and hours worked). Contribution forms for 2012 and 2013 are on the Lewis & Clark College website at http://www.lclark.edu/offices/human_resources/employee_resources/forms/ or you can contact Human Resources at x6235 for further information.